In an era where fuel prices fluctuate more unpredictably than ever, managing fuel expenses has become a crucial aspect of daily life. This article offers an in-depth analysis of GasBuddy, exploring whether it could benefit your needs in seeking cost-effective fueling solutions. Whether you’re planning a road trip, managing a fleet, or simply trying to minimize your daily fuel expenditure, we delve into the features and effectiveness of GasBuddy. Weighing its pros and cons, this review provides a balanced perspective, helping you discover if GasBuddy is the right tool for navigating the dynamic and often daunting landscape of gas prices.

Pros of GasBuddy:

• Price Search: Find the cheapest gas prices.
• Crowdsourced Information: Real-time, user-updated gas prices.
• Rewards Program: Earn points for reporting prices, and enter to win free gas.
• Trip Cost Calculator: Helps with fuel budgeting.
• Fuel Logbook: Tracks fuel purchases and consumption.
• Pay with a GasBuddy Card: Save on each gallon at participating stations.
• Price Hike Alerts: Notifies users of upcoming price increases.

Cons of GasBuddy:

• Privacy Concerns: Tracks and potentially shares user data.
• Inaccurate Information: Relies on user updates, which may be outdated.
• Impracticality: Chasing lower prices might lead to inefficient decisions.
• Usability Issues: Some users find the app glitchy or non-intuitive.
• Limited Benefits for Infrequent Drivers: Not as useful for those who drive less.
• Overemphasis on Price: Might overlook other station amenities.
• Advertisements: Contains promotional content.
• Resource Usage: Can drain battery and data on mobile devices.

What is Gasbuddy?

Imagine you’re a truck driver constantly on the road and know how gas prices can make a big dent in your wallet. That’s where GasBuddy comes in handy:

It’s like having a co-pilot who knows where all the cheapest gas stations are, no matter where you’re headed.

GasBuddy is an app you can use on your phone. It shows you the current gas prices at different stations in your area or along your route. The cool part? The prices are updated by other drivers like you, so they’re usually pretty accurate.

As a truck driver using GasBuddy, you’re part of a big community where everyone helps each other find the best fuel prices. When you stop to fill up, you can quickly update the app with the current price you see. This is a breeze to do – just enter the price per gallon and hit submit.

Now, here’s where it gets interesting. GasBuddy actually rewards you for these updates. They have a points system where you earn points every time you report a gas price. These points can add up, and you can use them to enter daily contests GasBuddy runs, where you can win free gas. It’s a bit like a game where your participation pays off in helping others and giving you a chance to save some serious cash on your next fill-up.

How does GasBuddy work?

Imagine GasBuddy as a massive, crowdsourced gas price finder. It’s like having a network of fellow truckers and drivers who always share where to find the cheapest gas. Every time you or another driver fills up, you can hop onto the GasBuddy app and update the price you just paid. It’s just a few taps on your phone, and you’re done.

Now, here’s where the crowdsourcing magic happens. Every driver using GasBuddy does the same thing, creating a real-time map of the most current gas prices across the country. It’s like everyone’s working together to paint the big picture of where the best gas deals are at any moment.

This approach is super effective for a couple of reasons. First, gas prices can vary a lot from one place to another and can change quickly. By getting updates from many drivers who are on the road just like you, GasBuddy keeps up with these changes in real time. You’re not relying on outdated prices or guesses; you’re getting the scoop straight from the source – other drivers.

And here’s a bonus – GasBuddy rewards you for contributing. Each time you report a gas price, you earn points. These points can be used for chances to win free gas. So, not only are you helping out your fellow drivers by sharing info, but you’re also getting a shot at saving some cash for yourself.

What are the main features of Gasbuddy?

Let’s break down the main features of GasBuddy and how they can be useful to you:

1. Price Search: The core feature of GasBuddy is its ability to search for and display gas prices at various stations. This helps you find the cheapest gas near you or along a route you plan to travel. It’s like having a quick guide to the best gas deals in town or on your journey.
2. Crowdsourced Information: The prices on GasBuddy are updated by other users. This means you’re getting real-time information from other drivers. It’s like getting a tip-off from a friend about where to find cheap gas.
3. Rewards for Participation: You earn points when you report gas prices through the app. These points can be used to enter drawings for free gas. It’s a way of making saving on gas a bit more fun and rewarding.
4. Trip Cost Calculator: GasBuddy offers a tool to estimate the fuel cost for a trip. This is great for budgeting, whether planning a road trip or just needing to know how much it’ll cost to visit family in another city.
5. Fuel Logbook: This feature lets you track your fuel purchases and consumption over time. It’s a handy way to monitor how much you’re spending on gas and how efficient your vehicle is.
6. Pay with a GasBuddy Card: This free card can be used like a debit card to pay for gas. Users can save on each gallon of gas purchased at participating stations. It’s like having a discount card for gas.
7. Price Hike Alerts: GasBuddy can notify you when prices are expected to rise, allowing you to fill up before the increase. It’s like having an inside scoop on when to buy gas.

Is GasBuddy actually worth it?

GasBuddy is worth it if you are keen on finding the lowest fuel prices and don’t mind the potential inaccuracies or privacy concerns associated with app usage. It’s beneficial for people who drive frequently or long distances. However, if your driving is limited or you prioritize convenience over saving a few cents per gallon, its benefits might be less significant for you.

GasBuddy’s attractiveness increases further when considering its Point Rewards Program. This feature allows you to earn points by reporting gas prices, which can then be used for sweepstakes entries, offering chances to win free gas or gift cards. Such rewards add a layer of value, especially appealing if you’re engaged in the GasBuddy community and actively participate in updating prices.

These potential rewards can make GasBuddy more appealing to frequent drivers or those in areas with fluctuating fuel costs. The program promotes user engagement, ensures more frequent and accurate gas price updates, and incentivizes saving more. The chance to win prizes for activities you might already be doing (like reporting gas prices) enhances the app’s utility.

Based on extensive hands-on testing and numerous user reviews, it’s evident that the reliability of GasBuddy’s system can significantly fluctuate depending on the geographic location. This aspect is crucial when assessing the app’s utility: in regions where the app enjoys a high level of active user participation, GasBuddy’s accuracy in reporting gas prices is often commendable. Users in such areas have frequently praised the app’s effectiveness and helpfulness. Conversely, the app’s data tends to be less reliable in areas with lower user engagement. This has led to some users experiencing frustration due to inconsistencies and outdated pricing information. The effectiveness of GasBuddy is intrinsically linked to the degree of community involvement. The more active the user base in a specific area, the more accurate and current the gas price information appears. This user activity and engagement disparity directly impacts GasBuddy’s efficiency in delivering up-to-date gas prices across different regions.

It’s important to note that it’s not entirely reliable to list specific areas where GasBuddy currently provides good results, as this could change over time. The nature of the app’s crowd-sourced data means that its accuracy and reliability can fluctuate, influenced by factors such as changes in user engagement or regional driving patterns. Therefore, the best way to assess GasBuddy’s usefulness for your needs is to test it yourself. Personal experience with the app in your regular driving areas will give you the most accurate understanding of its effectiveness. Trying out GasBuddy in various locations you frequent can clearly show how well it works in real-time, reflecting current user activity and data accuracy in those regions. This approach ensures you get a direct and up-to-date assessment of GasBuddy’s performance rather than relying on outdated or region-specific reviews. By engaging with the app firsthand, you can also contribute to its data accuracy, joining the community effort to share and update gas prices, which could enhance the app’s reliability for yourself and other users in your area.

When GasBuddy may not be the right choice for you?

One significant concern revolves around privacy. The app gathers and potentially shares user data, including location information. For instance, if you’re someone who’s particularly cautious about digital privacy, the idea of your driving patterns being tracked might be unsettling.

Regarding sharing information, GasBuddy’s policy outlines several scenarios where user data might be shared with third parties. This includes sharing with service providers who assist in operating the app, business customers through their B2B SaaS platform, and events like mergers, acquisitions, or bankruptcy. Law enforcement agencies might also access user information if required by law. Significantly, GasBuddy may share mobile and driving data, including detailed location and driving behavior, with business partners for advertising, analytics, and traffic navigation purposes. For example, they share driving data with Arity 875, LLC, for analytics and advertising purposes.

GasBuddy’s revenue model includes various streams such as advertising, referral, subscription, and licensing fees from its white-label software. Much of their revenue also comes from selling aggregated and anonymized data. Although the exact details and amounts are not explicitly specified, it’s understood that this could involve data related to fuel prices, availability, location preferences, and more. Importantly, GasBuddy’s privacy policy asserts that they do not sell personal data. However, a closer look reveals a more nuanced picture. Until 2019, GasBuddy reportedly sold data such as speed, location, IP address, time stamps, and driving habits to insurance companies without user permission. This was part of their partnerships with companies like Root Enterprise and Reveal Mobile. The value of this data was significant; for instance, location data was estimated to be worth about $9.50 per 1000 users. Given GasBuddy’s user base of over 4.5 million monthly users in 2017, just one such partnership could bring in $500,000 in additional profit without modifying the app’s features.

This information provides a clearer picture of the extent to which GasBuddy has leveraged user data for profit. It’s important to note that selling such data, especially without explicit user permission, raises substantial privacy concerns. This aspect of GasBuddy’s operations might be a significant deterrent for users susceptible to digital privacy. While the company claims not to sell personal data, the aggregation and selling of user location and driving data, especially in the past without explicit consent, is an important consideration for potential and current users.

Accuracy of information is another issue. Since GasBuddy relies on user-generated content, the gas prices listed may not always be up-to-date. Imagine planning a trip to a specific station based on a low price reported on the app, only to find that the prices have increased upon arrival. This inconsistency can be frustrating, particularly in less active areas with infrequent user updates.

Furthermore, the pursuit of lower gas prices might lead to impractical decisions. Consider a scenario where you drive five extra miles to save a few cents per gallon. The additional fuel consumption and time spent might offset the savings, making it counterproductive, especially if your vehicle is not fuel-efficient.

Usability issues are another potential drawback. Some users have encountered technical glitches or found the app’s interface less intuitive. This could lead to a less-than-optimal experience, where navigating the app becomes more of a chore than a convenience.

GasBuddy’s benefits may be negligible for those who don’t drive frequently or have easy access to affordable fuel. For example, if you’re a city dweller with reliable public transportation and only use your car for occasional errands, the effort to track down the cheapest gas might not yield significant savings.

The app’s focus on price might also overshadow other important factors. A station with the cheapest gas might not necessarily offer the best quality fuel or the services you need. If you value a full-service station with amenities like car washes or good-quality convenience stores, GasBuddy’s price-centric approach may not align with your preferences.

Lastly, the app contains advertisements and promotions, which can be a source of annoyance for some users. If you prefer a clean, ad-free interface in your apps, the promotional content in GasBuddy could be a deterrent. Additionally, for those mindful of their device’s battery and data usage, GasBuddy, like any mobile app, can drain these resources, especially if used extensively during long trips.

In summary, while GasBuddy has advantages, these factors — ranging from privacy concerns to practicality issues — suggest that it might not be the ideal choice for everyone. Whether it’s the apprehensiveness about data privacy, the potential for outdated information, or the pursuit of savings leading to inefficient decisions, these are all valid reasons to consider whether GasBuddy aligns with your personal needs and preferences.

GasBuddy alternatives

• Gas Guru provides up-to-date gas prices sourced from the Oil Price Information Service, not relying on public input. It helps users find the nearest pump with the best prices and save favorite locations. This app focuses more on accurate, real-time pricing than cashback offers, making it suitable for users primarily interested in finding the lowest prices.
• Upside offers cash back on gas, groceries, and restaurants. Users can save up to 25 cents per gallon on gas and earn cash back by uploading their gas receipt. It provides offers at nearby stations without requiring a new payment method. Unlike GasBuddy, Upside doesn’t require a dedicated payment card. It’s useful for those looking for broader savings beyond gas.
• Waze: Known as a navigation app, Waze also helps users find cheap gas stations along their route. It allows setting preferred gas stations and sorting them by price or brand. Waze is particularly useful for those who want navigation and gas price information in one place, especially for long road trips.
• AAA TripTik Planner: This app, part of AAA’s services, helps plan road trips with up to 20 stops and shows the best places to stop for gas. It’s most beneficial for AAA members or those considering AAA services, offering more than just gas price information.
• Checkout 51: This app offers cash back on gas purchases, similar to Upside but pays out as a check. It partners with Upside for gas offers and requires a minimum balance of $20 to cash out. Checkout 51 is best for those who prefer receiving checks over digital payments.
• Carfax Car Care: Focused on vehicle maintenance, this app helps monitor true miles per gallon and maintenance intervals. It’s best for users who prioritize vehicle upkeep to save on gas costs in the long term.
• Gas Prices by MapQuest: MapQuest’s app shows where to find the cheapest gas and lets users select fuel types and favorite stations. It’s useful for those who want a user-friendly app with additional navigation features like restaurant reservations and real-time traffic conditions.​
• GEICO Mobile: The GEICO app helps find the best gas prices using the Oil Price Information Service data. It’s a good choice for GEICO customers or those considering their insurance, as it combines gas price information with other car-related services.
• Drivvo: This car management app shows the cheapest nearby gas stations and estimates when and where you might need to refuel based on your car’s mileage. It’s ideal for users interested in comprehensive car management, including fuel costs.
• Fuelio: Similar to Drivvo, Fuelio offers vehicle management, expense management, and fuel price tracking. It stands out with no ads or in-app purchases, making it suitable for users looking for a straightforward, ad-free experience
• aCar: Another car management app, aCar helps track expenses, gas mileage, and maintenance needs. It also shows fuel prices and locations for the cheapest fuel. aCar is useful for those who want a complete vehicle management solution focusing on fuel prices.

Final words:

In conclusion, GasBuddy offers a useful service for drivers seeking to minimize fuel expenses. Its core features, like real-time price search and crowdsourced information, provide valuable insights into the cheapest gas prices. The app’s rewards program, trip cost calculator, fuel logbook, and additional features like price hike alerts and the GasBuddy card enhance its utility, making it an attractive option for frequent drivers and those mindful of their fuel budget.

However, it’s important to weigh these benefits against potential drawbacks. Privacy concerns due to data tracking and sharing, the possibility of encountering outdated information, and the app’s focus on price over other station amenities are significant considerations. Additionally, practical issues, such as driving extra miles for minimal savings and encountering usability issues, might offset the app’s advantages for some users. Advertisements and resource usage on mobile devices are also minor inconveniences.

While GasBuddy can be a valuable tool for many, its suitability depends on individual driving habits, privacy preferences, and the value placed on convenience versus savings. For those who drive less frequently or prioritize other aspects of their fueling experience, alternative apps like Gas Guru, Upside, Waze, or AAA TripTik Planner might offer more aligned benefits.

The post GasBuddy Review: Navigating the Pros and Cons for Drivers first appeared on My Blog.

What prompted me to write this article, however, was the overwhelming number of negative reviews Acorns has received on various review platforms. Just take a look at the screenshot below. It’s a representation of the sentiment many users seem to have, and I felt it was important to provide my own, informed perspective amidst this backdrop.

This stark disparity becomes even more intriguing when you contrast these negative sentiments with the glowing reviews Acorns has garnered on major websites like Forbes, NerdWallet, and CNBC. So, what is the real story here? What’s the underlying truth? Are these prominent publications heavily incentivized, while the average Joe is left in the dust, potentially bleeding money? These discrepancies propelled me to delve deeper, to navigate the fine line between sponsored content and genuine user feedback. Join me as we unravel this financial mystery together!

With a burning curiosity, I began to comb through the feedback on various review aggregator sites, most notably Trustpilot and the Better Business Bureau (BBB). My initial impression? Something didn’t quite add up. As of my last check on Trustpilot, out of the 347 reviews, a staggering 25% were gleaming 5-star reviews, while an even more eyebrow-raising 65% were 1-star reviews. Such a polarised distribution is not just unusual; it’s downright suspicious. A natural dispersion of reviews would typically reflect a gradient of user experiences, from highly satisfied to thoroughly disappointed. But this? It screams of manipulation, hinting that there’s more than meets the eye. So, the next question arises: amidst this sea of skewed feedback, how do we discern genuine grievances from manufactured negativity and sincere accolades from possible incentivized flattery? Let’s embark on this investigative journey and sieve out the real from the reel.

When scrutinizing positive online reviews, it’s essential to be wary of potential manipulation tactics, such as incentivized feedback, review farming, internal pushes from company affiliates, and selective review removal. Authentic reviews typically delve into specifics, while generic or overly vague praises can be potential red flags. I was genuinely taken aback when I came across the first review showcased in the screenshot below:

The review emphatically stated: “Not sure why anyone has had difficulties with this company.” This comment, in itself, is telling. It reveals that even those leaving positive feedback are acutely aware of the overarching negative sentiment surrounding Acorns. Such a remark underscores the palpable disparity in user experiences. While this particular user may have had a smooth journey with the app, they’re not oblivious to the contrasting stories from other users. And this revelation was just the tip of the iceberg. As I continued my exploration, I found that this wasn’t a lone voice in the wilderness. Several other positive reviews seemed to acknowledge, either directly or indirectly, the prevailing negative feedback while simultaneously sharing their contrasting, positive experiences. To give you a clearer picture, here are a few more examples:

This sentiment was further crystallized by the concluding words of one reviewer: “I hope I never come across what has happened to the other reviewers.” This statement was nothing short of mind-boggling to me. Given the volume of detailed feedback, one would assume that the grievances of unsatisfied users would be transparent. However, the tone of this comment suggests an air of mystery surrounding these adverse experiences, as if there’s some inexplicable, almost mystical force at play that only affects a select group of users.

It’s unsettling to think that some users feel like they’re tiptoeing around a potential pitfall, uncertain of when or if they might encounter the issues others have described. This ambiguity, this sense of playing Russian roulette with an app, is hardly what one would expect or desire from a financial tool meant to foster trust and security.

This deepens the intrigue and frames the review discrepancies in a more dramatic light, emphasizing the uncertainty and unpredictability of user experiences with the app.

Ok, so the next step is to find the obvious pitfalls, especially the ones that repeat the most in public Acorns user reviews, the ones that pop up over and over. Let’s dive deeper. After checking a dozen negative Acorns reviews, I still wasn’t able to extract a clear negative perspective on the Acorns app, but I’m starting to identify another type of pattern. Look at these 3 reviews:

These Acorns reviews seem to be pushing an unrelated agenda, specifically mentioning “calmo shub” and “plutonium investments”. I strongly recommend steering clear of these mentions. They are fresh, published from August to October 2023, there are a lot of them. They have some common characteristics:

• These kinds of reviews are numerous, interspersed occasionally with some genuine reviews.
• They are vague, and the language used appears to be “spun”. By “spun”, I mean that the text has likely been processed or rephrased by software to make it appear unique, even though the core content might be duplicated (like the “calmo shub” in the screenshots above). Here is a basic example of spun text, where the original sentence is: “The quick brown fox jumps over the lazy dog.”. A spun version would be: “The speedy tan fox leaps above the idle hound”. As you can see, the spun version retains the core meaning of the original sentence, but the words have been swapped out for synonyms or slightly altered to make it appear different. And yes, it sounds weird, much like many of these reviews. Now, I’m beginning to grasp why people couldn’t pinpoint what was off when going through these reviews.
• They appear to be frequently removed by the website hosting the reviews. There were some I had noticed when I began writing this review, which have since vanished, yet many new ones spring up like weeds. It’s evident that public review platforms are struggling to manage them.
• Since including links is prohibited, they grapple with directing the user toward the intended advertisement, as with the “plutonium investments” review mentioned earlier. If they are too overt, they likely face deletion; if too ambiguous, they serve no purpose. That’s why the majority tend to lean toward being vague.
• These reviews appear to be posted automatically. I came across a user who posted strikingly similar reviews to Acorns, Acorns Lettings (a property management company), and Acorn Estate Agents (which is South East London and Kent’s Leading Estate Agency Group).
• The profiles that post these reviews don’t represent real individuals. They either have just one review attributed to them or dozens of negative reviews for various apps they target with advertisements. For instance, the profile in the screenshot below had 28 negative reviews targeting casinos, all posted within the span of a few weeks. Here is an example in the screenshot below:

Conclusion:

Why are there so many bad Acorns reviews?

The prevalence of negative Acorns reviews is largely due to individuals aiming to promote something. They exploit public review platforms for this purpose, particularly the sections dedicated to negative feedback. However, it’s important to note that not all negative reviews fall into this category. After sifting through hundreds of negative reviews for Acorns, I estimate that somewhere between 50% to 75% resemble these promotional types. A significant portion still consists of genuine users voicing authentic concerns and issues. We’ll delve into these genuine reviews shortly.

But what do the genuine Acorns reviews reflect?

Most of the user reviews, and my personal experience reflect this:

Pros:

• It’s a safe ‘set and forget’ method to save money. Rounding up your spare change can accumulate quickly, especially if you engage in numerous transactions each month.
• It’s one of the simplest methods to invest money automatically. Notably, the automatic weekly investment feature enhances this convenience, allowing for consistent contributions over time.
• Through Acorns you can invest in ETFs, they can be a relatively safer investment option compared to individual stocks.
• A majority of the negative reviews seemed to have an ulterior motive, often promoting something. Coupled with dubious user profiles, signs of automation, poorly constructed language, and outright misinformation, I’d estimate that this accounts for up to 75% of them. Even individuals who posted positive reviews were taken aback by the sheer number of negative ones, often responding with comments such as: ‘I am genuinely shocked to read so many negative reviews’, ‘I hope I never experience what has happened to the other reviewers’, and ‘I was shocked to see the majority of reviews since the app has been nothing short of fantastic for me. It was not obvious to them that most were fake.

Cons:

• Even though it may look cheap, it has high fees on small account balances due to the pricing structure. This will be explained later in the article.
• No tax strategy –  this means that it doesn’t offer specialized tools or methods to minimize the taxes you might owe when you decide to take those profits out or sell your investments.
• Opening accounts is straightforward, but closing them can be more challenging. Many users have reported difficulties when attempting to close their accounts.
• There are complaints about customer support, yet there are praises as well. This is a nuanced topic, and I’ll provide more detailed explanations in the following sections.
• Some users express concerns over hidden fees. Yet, the main issue appears to stem from a system where users easily subscribe to a low-cost plan, only to forget about it. When later faced with the charges, they voice their complaints, often feeling there’s little recourse.
• There’s a flat fee ranging from $3 to $5. In unique scenarios, particularly when there’s limited transactional activity, one might earn less than this fee, effectively resulting in spending rather than saving. However, this is reserved for particularly extreme cases.
• Acorns is for investing, not for trading. This doesn’t appear to be evident, as many users have expectations akin to those set by trading app comparisons.
• Many fake negative reviews – I list this under the cons because if these aren’t addressed, they could significantly tarnish the Acorns brand image and deter potential users.

What is Acorns best for?

Acorns is best for people who genuinely want to save but consistently find it difficult. It caters to those who, in theory, have the means to save but can’t seem to make it happen in practice.

What makes Acorns stand apart from the rest?

What sets Acorns apart is its unique ability to merge savings with micro-investments. This approach allows users to take two simultaneous steps toward enhancing their financial well-being. At the heart of this combination lies the power of the compounding effect. Compounding, often dubbed the ‘eighth wonder of the world,’ is when the interest or returns on an investment start earning interest on themselves. Over time, even small, consistent contributions can grow exponentially due to this effect. It underscores the idea that consistent, disciplined savings and investments, even if they’re modest, can lead to significant wealth accumulation over an extended period. With Acorns leveraging this principle through its micro-investments, users not only save but also see their savings amplify over time.

How Does Acorns Work?

Imagine every time you buy a coffee for $2.50, Acorns takes it as $3 and puts that extra 50 cents into a special savings jar. That’s your spare change. On top of that, you can tell Acorns to take, say, $5 every week from your account and add it to that jar. Now, instead of just letting that money sit there, Acorns invests it for you in a mix of stocks and bonds. So, over time, your money isn’t just sitting still; it’s out there working and growing, kind of like planting a small seed and watching it turn into a tree. The more you spend and save, the more seeds you plant!

Acorns fees and costs

Acorns is like a fixed-price buffet, where you pay $3 every month, no matter how much or how little you eat. So even if you only invest a small amount, like $100, you’re still paying that $3 every month. Now, let’s look at an alternative app called Betterment. Instead of a fixed price, they charge you based on how big your meal is. For a $100 investment, they’ll only take 25 cents a year. That’s their way of charging – a tiny percentage of your investment. So, when comparing the lowest fees, if you’re investing just $100 for a year, with Acorns you’d end up paying $36 ($3 every month), while with Betterment, you’d only pay 25 cents. It’s like choosing between a flat buffet price and paying for exactly what you eat. In simple terms, the Acorns flat fee is tough on small accounts but can be a bargain as you invest more, while the percentage fee at Betterment gets pricier the more you invest. Even though Acorns has that set fee every month, it’s pretty much as low as you can get, almost like the price of a coffee. And given all the cool stuff and benefits the app offers, I’d say it’s a solid deal. To make the most of it, consider growing your investment in Acorns quickly. The bigger your investment gets, the more that flat fee starts to look like spare change. So, if you hustle and grow your Acorns portfolio, soon enough that $3 monthly fee will feel even smaller than the percentage you’d give to Betterment. It’s all about making your money work smart for you!

No tax strategy

When you invest money, sometimes you make profits (which is great!), but when you decide to take those profits out or sell your investments, you might have to pay taxes on those profits. Now, there are certain ways or strategies to manage and organize your investments to potentially reduce the amount of taxes you owe. This whole process of managing investments to be tax-efficient is what’s referred to as a “tax strategy.” When people say Acorns has “no tax strategy,” they mean that Acorns doesn’t offer specialized tools or methods to minimize the taxes you might owe when you sell your investments. Some other investment platforms might offer features like “tax-loss harvesting,” which is a fancy term for selling investments at a loss to offset any profits and thus potentially reducing your tax bill. So, in simpler terms: Acorns is like a basic car – it’ll get you from point A to point B, but it doesn’t have all the high-end features. If you’re looking for those special features to minimize taxes, you’d need to check out other investment platforms or consult a tax expert. But for many folks just starting out or looking for simplicity, Acorns does the trick.

Customer service and support

While there’s been significant negative feedback regarding Acorns’ customer support, a deeper analysis suggests a more nuanced picture. Numerous negative reviews appear to be disingenuous upon closer examination of the user profiles and their respective review histories. Beyond these potentially spurious reviews, genuine concerns seem to coalesce around four primary categories:

• Not getting fast and easy money from their referral system
• Paying subscription without being aware and then complaining about not getting their money back, not getting solutions from the support team
• Not having their issue solved, for example, “I have called 4 different times, sent 2 emails, and spoke with a manager. I have yet to have the issue resolved. It’s been over 3 weeks, and I’m beyond frustrated.”
• issues linking bank accounts

I’ll delve further into each of these categories to provide you with a clearer context. This will enable you to ascertain whether these issues genuinely stem from the customer support team or if they originate elsewhere. I’d also like to make an unequivocal statement: I have no financial ties to Acorns. I’m not receiving any form of compensation, nor do I stand to gain from presenting this analysis. My intention is solely to provide a balanced and informed perspective.

1. Numerous user reviews have expressed frustration over difficulties withdrawing funds after referring friends to Acorns. It seems many might have been under the impression that the referral system would grant them quick and easy money. However, the reality is that one must submit proper identification to maintain an online balance and facilitate withdrawals. “KYC” stands for “Know Your Customer.” It’s a process that banks and other businesses use to verify the identity of their clients. Think of it like when you show your ID to prove who you are before opening a bank account or getting a new phone line. They just want to make sure you are who you say you are! And the customer support team is left to manage the influx of frustrated individuals who believed they could access the money with ease.
2. It appears that a significant number of users were unaware they had subscribed to a service. Most likely, they forgot about it, and upon noticing the charge on their bank statement, their frustration grew. This led to a surge in outreach to customer support, with many seeking refunds. Naturally, in such situations, refunds aren’t typically granted. As a result, you have a multitude of upset individuals airing their grievances, feeling that the support team hasn’t provided adequate solutions.
3. Many users voice their frustrations, stating things like “I’ve called 4 times, sent 2 emails, even spoken with a manager. Yet, after over 3 weeks, my issue remains unresolved. I’m extremely frustrated.” However, this doesn’t necessarily reflect a delay in response from the support team. Every service has its share of challenging problems. While the support team seems to engage and attempt to assist, not all issues have straightforward solutions. Furthermore, many of these complaints lack details about the actual problem, making it hard to determine if it’s genuinely an unsolvable situation or a case of incompetence.
4. There are also reports of difficulties linking accounts. While support does step in to assist, these challenges are primarily technical in nature, and common to many online businesses. I wouldn’t necessarily attribute this to support incompetence but rather see it as users venting their frustrations.

Hidden fees

Numerous user reviews express frustration over perceived “hidden fees” with Acorns. But in truth, while there are costs involved, there’s no indication of egregiously concealed fees. The real concern seems to be that many users inadvertently sign up for subscriptions, or perhaps they’re aware at first but forget as time goes on. This unintentional commitment can result in unexpected charges. It’s crucial to stay attentive, particularly when considering an upgrade to a paid account.

Cancelling accounts

Many users have reported facing issues when trying to close their Acorns accounts. Common complaints range from enduring persistent monthly subscription charges even after attempting to close the account to facing hurdles in trying to unlink associated bank accounts. Some users claim they’ve made multiple attempts over extended periods without success, with one remarking that the $5 monthly subscription fee appears “immortal.” Another user lamented the need to provide extensive documentation, such as a driver’s license, utility bill, and bank statement, to unlock and eventually close the account – documentation that wasn’t required during the initial sign-up. However, it’s worth noting that sometimes these complaints might stem from individuals who forgot about their subscriptions and, upon realization, sought to rationalize the situation by shifting the blame elsewhere. The cancelation process is pretty simple, here is a step-by-step guide:

• After logging in to your account, tap the menu (avatar) in the upper left corner of the screen
• Tap “Settings”
• Select “My Subscription”
• Tap the individual account(s) that you would like to close (Invest, Later, Checking, or Early)
• Tap “Close account” and the in-app experience will guide you through the process

The primary concern causing quite a stir is the requirement: “You’ll need a verified checking account linked to your Acorns account so that we can transfer your money when closing your account.” However, it’s a necessary step; after all, they need a destination to transfer your funds on account closure. Many complaints regarding account cancellation appear to stem from individuals who face challenges linking a checking account.

Is it safe to invest with Acorns?

Yes, Acorns is a regulated platform overseen by the U.S. SEC and is a member of FINRA. Accounts have SIPC protection up to $500,000. While the platform provides security measures, like any investment, there’s an inherent risk due to market fluctuations.

Alternatives to Consider

Here are some alternatives to Acorns, and reasons why they might be worth your consideration:

1) Betterment: A robo-advisor platform that automatically adjusts your portfolio.

• Pros: Personalized portfolios, tax-efficient investing, educational resources.
• Cons: Annual fee based on assets, no direct stock or cryptocurrency trading.

2) Stash: Tailored investments to your interests with as little as $5, letting you buy fractional shares.

• Pros: Thematic investing options, educational tools, allows weekly or monthly deposits.
• Cons: Monthly fees, less automated than other platforms.

3) Wealthsimple: An automated investing app emphasizing socially responsible investing.

• Pros: Portfolio customization, emphasis on ethical investing, user-friendly design.
• Cons: Higher fees for accounts under $100,000, no direct stock picking.

Conclusion:

Acorns is a commendable app that offers significant features to help users streamline their financial journey. While it has faced its share of negative perceptions, a deeper dive reveals that many of these criticisms are either unfounded or blown out of proportion. For those aiming to kickstart their savings and investment habits, Acorns presents a robust platform worth considering.

The post Acorns in Depth Review – Why So Many Bad Reviews first appeared on My Blog.

If you’re reading this, chances are you’ve heard about Truebill through various channels – be it a friendly tip, an engaging advertisement, or while navigating the maze of financial management tools online. Your interest has likely been piqued by its promises of financial clarity and control, leading you to wonder just how effective Truebill can be in managing your finances. Before we begin, it’s crucial to note that this review for TrueBill (Rocket Money) is unlike the standard ones that mainly list features and excessively praise the application with the ulterior motive of earning from client referrals. On the contrary, this analysis is a genuine attempt to gauge the app’s utility by covering all its aspects, good and bad, informed by hands-on testing of more than 20 similar applications. The observations shared in this article are based on a hands-on experience and a meticulous examination of user feedback, highlighting the common praises and complaints associated with the app. The aim is to provide a well-rounded, informed perspective to help you understand what the application truly offers.

I’m Remus Zoica, the creator of responsiblebudget.org. You might wonder what qualifies me to offer insights on Truebill or any other financial tool. Allow me to share a bit of my background. I hold a bachelor’s degree in Economic Engineering, which has equipped me with an intricate understanding of financial systems and economic complexities. However, my expertise is not just theoretical. Over more than ten years in the field, I’ve faced and untangled the complexities of personal finance firsthand. This blend of academic insights and real-world financial encounters shapes my analysis, ensuring that the reviews I offer are not only informed by expert assessment but also enriched by genuine user experience. Now, with a clear perspective and purpose in mind, let’s dive into the comprehensive review of Truebill.

First, the short version:

The Truebill or Rocket Money app is best for:

• People with terrible spending habits.
• People with ADHD, those who are newly retired, or recently divorced (read further to see why).
• People who know they are impulsive, have a terrible memory, or are forgetful.

The PRO’s for TrueBill or Rocket Money:

• It is intuitive, pretty easy to set up and use
• Exemplary customer support, but only through email
• They give refunds easily, without much hassle
• It helps you identify and cancel other subscriptions
• It has a beautiful user interface
• You get constant reminders and notifications for bills that are due

The CON’s for TrueBill or Rocket Money:

• Bill negotiation is hit or miss; many people complain about this feature
• Many upgrade to the paid version unknowingly or by mistake (and realize this later)
• No phone support

I strongly advise you to read the rest of the article to understand its meaning and if it fits you well. However, if you’re convinced to try the app, remember to be cautious when prompted to upgrade to the paid version, avoid the ‘bill negotiation’ feature, and request a refund if necessary. Then start here.

In the following sections, we’ll delve into the specific features of RocketMoney, focusing on its key offerings like budget tracking, expense management, and subscription cancellation services.

What is TrueBill (Rocket Money)?

TrueBill, now known as Rocket Money, is a user-friendly money management app on Android and Apple devices. The name change occurred after Rocket Companies acquired TrueBill. The app shows you all your monthly subscriptions, so you can easily cancel the ones you don’t want. It also tracks your bills, determines if they can be made lower, and negotiates better rates. Additionally, it helps you control your spending, automatically save money, and avoid paying for things you don’t use. Although some basic features are free, you’ll need to pay for premium ones like bill negotiation and more personalized budgeting. There’s also a handy service starting at $3/month that cancels unwanted subscriptions for you.

Why did TrueBill change to Rocket Money?

The TrueBill acquisition by Rocket Companies in December 2021 led to a name change in August 2022, transforming TrueBill into Rocket Money. This move made the app a part of Rocket Companies’ more extensive portfolio of financial services, which includes Rocket Loans, Rocket Mortgage, and LowerMyBills.com. Haroon Mokhtarzada, the CEO of TrueBill, noted that since its inception in 2015, the app had grown from merely a bill and subscription management tool to a comprehensive financial resource providing budgeting, smart savings, and credit monitoring. The integration into Rocket Companies and the subsequent name change to Rocket Money not only broadened the scope of services available through the Rocket platform, encompassing more than just expense tracking and subscription cancellations but also extending to savings, credit access, home buying, and more. Therefore, the answer to ‘why did TrueBill change to Rocket Money’ and ‘what happened to TrueBill’ lies in the expansion of services and the alignment with the broader mission of Rocket Companies to assist people in all areas of their finances.

Is Rocket Money Safe & Secure?

Being cautious is crucial, especially when a financial app requests access to your personal online financial records. It’s natural to be skeptical and view such requests as red flags. Proceeding with caution is always advised. That being said, Rocket Money is considered secure as it employs 256-bit encryption to store data and partners with Plaid to link your accounts securely. This means Rocket Money cannot change your accounts, and you can unlink accounts if you wish. Additionally, Rocket Money does not sell your data to third parties and hosts its data on Amazon Web Services, which is trusted to store sensitive data for organizations like the U.S. Department of Defense. So, while Rocket Money’s safety measures appear to be on par with current industry security standards, it is ultimately up to the individual user to decide if these measures are sufficient to trust Rocket Money with their data.

Is Rocket Money Trustworthy?

For a financial app like Rocket Money to be considered trustworthy, it should meet several criteria:

• Data Security
• Privacy
• Functionality
• Customer Support
• Transparency
• Reputation

While the first four categories have no issues at all, minor issues and inconsistencies exist in the last two. Though not significant, these concerns are worth paying attention to and will be discussed in more detail later on. Despite these minor issues, I would lean more towards classifying the app as trustworthy rather than untrustworthy.

How does Rocket Money Work?

Rocket Money works like a buddy who’s super good with finances. You download the app and connect your bank and cards.

Once you’re set, it’s like looking at your wallet and seeing where your cash is going. It puts all the subscriptions you’ve got in one spot – Netflix, gym, magazines, whatever – so if you spot something you forgot about, you can ditch it. They’ll even handle the breakup if you upgrade to their fancy version!

It also gives you a lowdown on your spending versus what you’re making. Plus, it’ll give you a nudge if you’re about to get hit with a hefty bill or if your account’s looking a bit slim.

It also has this excellent savings bit where it can put aside a bit of money here and there for you. You’re in the driver’s seat, deciding how much and when.

You can also peek at your credit score, see how you’re doing, and if anything fishy’s going on. And for the cherry on top, it helps you set a spending plan – like how much you wanna spend on fun stuff, food, or gas. It’ll even warn you if you’re splurging too much.

It can haggle your bills down for you. Imagine arguing with your phone company to get you a better deal. They take a piece of the pie if it saves you some cash. However, I wouldn’t recommend using this feature yet. I’ll explain why down below.

So, if you’re trying to be more on top of your money game, Rocket Money’s like that wise friend who always has good advice.

What makes Rocket Money stand apart from other apps?

1. 1. The Rocket Money App is intuitive & easy to use. After giving the app a hands-on test, I can say it’s straightforward and intuitive. And you know what’s cool? I’m not the only one who thinks so. I dug through hundreds of reviews, and many folks kept mentioning how simple it was to set up and use. A lot of regular users find it user-friendly. But what does this mean? Imagine you’ve got this shiny new gadget or app, right? Now, if you can pick it up and know instantly how to use it without scratching your head or needing a manual, that means it’s intuitive. When you hop into a new car, everything feels right where it should be. So, when a financial app is intuitive, it’s super user-friendly and straightforward. Now, why’s that so important? Well, money stuff can be super confusing on its own. So, the last thing you want is to fight with an app that’s making it even harder. An intuitive app makes your life easier. It helps you get what you need done without the fuss so that you can get on with the fun stuff. No one wants to waste time figuring out where everything is, right? An intuitive app gets out of your way and lets you do your thing. And hey, don’t just take my word for it – you can see a sneak peek of its user-friendliness in the screenshots I’ve posted in the section above.
   2. Rocket Money has a beautiful interface. So imagine this: when you open up a financial app that looks good, it’s like stepping into your favorite cafe. It’s inviting, right? You’d want to sit down, take time, and maybe return the next day. It’s the same thing with an app. If it looks sleek and pretty, folks are naturally more drawn to keep opening it up and using it. And when we’re talking about managing money, which can be a headache for many, having an app that’s a joy to look at makes the process way less daunting. The more people enjoy the experience, the more likely they’ll keep up with their finances by consistently using the app. That’s the magic of a beautiful interface.
   3. It has exemplary customer support through email. This means that they respond quickly, are super friendly, and, most importantly, know their stuff. You don’t have to wait for ages, and when you get a reply, it’s clear and helps solve your problem. I wanted to ensure I wasn’t just the lucky one getting all this promising treatment. So, I did a bit of digging. I reviewed many reviews from other folks to see if they got the same top-notch service. Guess what? It wasn’t just me! Loads of people are singing the same tune about their experience. So, it’s safe to say it’s not just a one-off thing; they’re genuinely on the ball. However, there were also many unresolved issues, mainly about bill negotiation. I will delve into this aspect when discussing the disadvantages of using the app or its weak points. But what’s commendable is that the support team was right there, even responding on the review sites. They weren’t just turning a blind eye; they genuinely tried to address the concerns. But if you prefer not to use email for communication and need to do it over the phone, remember that this feature isn’t an option.
   4. Rocket Money helps us spot and cancel unwanted subscriptions. When I connected my bank and credit card details, it rummaged through and pulled up a list of all my subscriptions. I didn’t even realize I was still paying for some of them! We all tend to forget those monthly charges or free trials turned into paid services. Rocket Money helps shine a light on those so you can decide if you need them or if it’s time to let them go and save some cash. You know, it’s kind of disappointing that our usual banking apps don’t highlight these subscription charges for us. When your account is buzzing with daily transactions, it’s like trying to find a needle in a haystack to spot those sneaky subscriptions. Having them stand out is crucial so you can take a moment and think, “Do I even use this anymore?” That way, you’re not just mindlessly letting your money slip away.
   5. You get constant reminders and notifications for bills that are due. Have you ever had one of those days when everything’s just a blur, and then, out of nowhere, you suddenly remember that bill you forgot to pay? Happens to the best of us. Getting those little nudges and reminders for upcoming bills is a game-changer. It’s like having a buddy tap you on the shoulder, saying, “Hey, don’t forget about this!” Without those notifications, it’s so easy to lose track and then bam – late fees or, even worse, a hit on your credit score. Getting those constant heads-ups? That’s a lifesaver. It keeps everything smooth and stress-free. You know, for folks like those with ADHD, where the brain’s jumping from one thing to the next, or someone who’s newly retired and suddenly adjusting to a whole different routine, these reminders are a godsend. And let’s not forget someone who’s recently gone through a divorce. Their world’s been turned upside down, and tracking bills might be the last thing on their mind. Those who are just swamped with life and have too much on their plate can miss these details. These reminders are like a gentle tap saying, “Hey, I’ve got your back. Don’t forget this.” It’s about having that extra help when life gets chaotic, making sure the bills don’t slip through the cracks.
   6. They seem to be giving refunds easily, without much hassle. There’s this story floating around in the reviews where someone mistakenly paid for a whole year. They reached out to support, and boom, without a lot of back-and-forth, they got their refund. Seems like they genuinely care about their users. This kind of smooth refund process isn’t something you see often on review sites. Many apps make getting a refund an absolute nightmare, probably hoping to discourage folks from trying. But with Rocket Money, it doesn’t seem to be that way. They seem to be on the user’s side, which is refreshing! While scrolling through reviews, I encountered at least five instances where folks mentioned similar smooth refund experiences. However, it’s a tad concerning that quite a few people seem to upgrade to the paid version mistakenly. Still, it’s good to know that Rocket Money isn’t making it a pain to get your money back.
   7. It helps you identify bad spending habits. If you’ve ever felt lost about where your money’s going, this app is your roadmap. Not only does it break things down week by week, but it also gives a clear picture of where every dime is spent. It is super helpful for folks like me with, let’s say, less-than-stellar spending habits. Plus, seeing all your cash flows laid out? Total eye-opener. Trust me, it’s a lifesaver for getting a grip on your finances.

Lowering your bills

One of the standout features of Rocket Money, which deserves a deeper dive, is its potential to lower your bills. This aspect of the app is particularly appealing to those who feel overwhelmed by their monthly expenses. The app analyzes your recurring payments and identifies opportunities where you might be overpaying. This could be anything from your electricity bill to your gym membership. The idea is that by negotiating better rates or eliminating unnecessary services, you can free up more of your income for savings or other financial goals.

However, as mentioned earlier, the bill negotiation feature has its drawbacks. It’s essential to approach this feature with a clear understanding of its workings. Remember, Rocket Money takes a percentage of the annual savings as a fee, which can be substantial depending on the amount saved. Therefore, while the potential for lowering bills is a significant advantage, it’s crucial to weigh the immediate cost against the long-term savings. This feature best suits those comfortable with the terms and confident in the potential savings outweighing the upfront fee.

Managing Subscriptions

Another critical feature of Rocket Money is its ability to manage subscriptions. In today’s digital age, where subscription-based services are ubiquitous, it’s easy to lose track of what you’re signed up for. Rocket Money highlights these recurring charges, helping you identify and cancel subscriptions you no longer need or use. This feature is handy for subscribing to multiple streaming services, online magazines, or other digital platforms.

The app’s user-friendly interface makes it simple to review all your subscriptions in one place. This clarity can lead to significant savings, as many people are unaware of how much they spend on rarely used subscriptions. By trimming these unnecessary expenses, Rocket Money helps streamline your finances, allowing you to allocate resources more effectively.

In conclusion, while Rocket Money has its limitations, particularly in its bill negotiation feature, its strengths in lowering bills and managing subscriptions make it a valuable tool for those looking to gain better control over their finances. As with any financial tool, it’s essential to use it to align with your financial goals and circumstances.

Rocket Money cost & fees

When delving into Rocket Money, one of the most perplexing aspects is the opacity surrounding its fee structure. This lack of transparency is not just a minor inconvenience but a significant concern for users turning to the app for better financial management. On the surface, Rocket Money offers a range of appealing features, some of which are available at no cost. However, the journey from a free to a premium user is where things get murky. The app’s premium services, which include enhanced features like bill negotiation, subscription cancellation, and automated savings, come with a monthly fee ranging from $3 to $12. But here’s the catch: the app doesn’t make it easy to find this information upfront.

The difficulty in finding clear information about Rocket Money’s pricing on their website, coupled with the reports of users unknowingly being upgraded to paid versions, paints a concerning picture. It suggests a possible strategy of obfuscation, where users are nudged towards premium services without a transparent acknowledgment of the costs involved.

After going through everything Rocket Money has to offer, I’ve realized that, even though it has some handy features for managing money, it handles user upgrades, and fee transparency could be a lot better. It feels like you’ve got to be extra careful and aware when you’re using the app just to ensure you don’t run into any surprises with fees or unexpected upgrades.

What’s bad about Rocket Money? What are the Concerns and Risks?

Of course, I’ve laid out all the shiny bits about this app, but to give a complete picture, we’ve gotta dive into the not-so-great parts, too. Every story has got two sides, right? Alright, buckle up! Let’s dive into the bad and the ugly side of TrueBill / Rocket Money.

1. 1. Bill negotiation is hit-and-miss. I wouldn’t advise you to use it yet. Give it at least a few years until this type of service is mature enough; it is in its infancy right now. It’s worth mentioning that many complaints about this app focus on this specific service. There are many of them, so it’s not just a tiny issue. It works like this: the Rocket Money app looks over your bills to spot any possible savings. Then, their team can reach out to those companies and try to get you a better deal. What’s the problem? First, many folks who use this feature don’t realize they have to part with a chunk of the money they save as a fee for the service. Rocket Money takes anywhere from 30% to 60% of the yearly savings and charges it all at once to your card. When we’re talking about more significant amounts of savings, this upfront fee can feel pretty hefty. So, while it might help in the long run, it can pinch your pocket in the short term. Adding to that, you can probably guess the other headaches that can arise. Let’s say a company you’re subscribed to decides to change its pricing next year or throws in some new terms. With bill negotiation, misunderstandings can quickly happen. Maybe you already had a special subscription rate and might lose that sweet deal. There are just so many ways this can take a wrong turn. And you know what? The number of complaints Rocket Money gets about this feature speaks volumes. It’s clear there are some kinks they need to work out. And it makes sense when you think about it. The bill negotiation service is only as good as the negotiating person. While one person might have the knack for getting fantastic deals and understands the ins and outs of the process, another might just be trying to close the deal quickly without digging deep. The varying levels of expertise and dedication among negotiators can lead to wildly different outcomes for users. So, while some folks might rave about their savings, others might wonder if they drew the short straw. If I were giving advice, I’d suggest steering clear of this bill negotiation feature, at least until around 2025. By then, the company will hopefully have had enough time to iron out the kinks and refine the service. It’s always good to give new features time to mature and develop. And who knows? In a few years, it might be their standout feature! Until then, it might be best to play it safe and avoid potential headaches.
   2. Many users unknowingly or by mistake upgrade to the paid version (and realize this later). From what I’ve gleaned from user reviews, many users have unexpectedly upgraded to the premium version. They’re getting nudged up a tier without catching that moment. It could be that the wording isn’t crystal clear, or something else is catching their eye and distracting them. If you dive into the app, just be vigilant and ensure you’re only signed up for what you truly want. If they weren’t giving out fast and hassle-free refunds, I’d be shouting about this from the rooftops. But the way it’s going, it’s almost like they’re doing the very thing they’re trying to prevent: having folks shell out for something they’re not using. It’s a bit ironic.
   3. No phone support. Email support doesn’t cut it for everyone, no matter how stellar it is. Imagine being in a tight spot financially (like a single mom who paid for a one-year subscription without realizing it, and you need the money fast), then all you want is a real person on the other end of the line to say, “Hey, I got you.” In those heart-dropping moments, you don’t want to type up an email and wait, right? You want immediate answers. It’s about peace of mind. So, no phone support can be a real bummer, especially for a financial app where high stakes and time often matters. This is especially true for the bill negotiation service. For example, imagine if they negotiate a new rate for your cable bill, but it drops a crucial channel you watch. You’d want to address that immediately, not wait for an email response that might take hours or even a day.
   4. There were some complaints related to cancellations, but they seem to be fixed. I’ve gathered that those complaints were about the old TrueBill app. But they’ve ironed out those kinks since they switched things up to Rocket Money. This is not a huge deal, but you should know about it.
   5. A few users preferred the old TrueBill over the new Rocket Money app. But honestly, those voices are drowned out. Way more people are giving thumbs up to the new app than the old one.

Is rocket money available globally?

No. Rocket Money does not extend its services to international financial institutions. Just a heads up if you’re thinking about using Rocket Money – it’s great for local use, but it doesn’t play well with banks outside the U.S. So if you’ve got accounts in places like Canada, Mexico, Australia, or Europe, you won’t be able to link them up with this app.

Long-term use, app updates & improvements

I did some digging to find out about the long-term updates for the Rocket Money app, and honestly, it was a bit surprising. There’s not much out there about their update history, and what’s more, they don’t seem to have a clear roadmap for future updates. This lack of a roadmap means we’re in the dark about what new features or improvements might be coming down the line. Honestly, I think Rocket Money really needs to step up their game here. Not having a clear roadmap makes it tough for us users to know what’s coming next. It would be so much better if they were open about their plans. That way, we’d feel more in the loop and confident about using the app for our financial needs. It’s all about trust, right? If they showed us where they’re headed, it would make a huge difference in how secure and informed we feel while using their app.

Rocket Money alternatives

Exploring alternatives to Rocket Money is essential in the quest for financial management tools, especially considering the challenges some users face with its fee structure and bill negotiation feature. Here, we delve into a few noteworthy alternatives, highlighting what makes them stand out in the crowded financial app marketplace.

1. Mint: The All-Encompassing Budget Tracker

Why It Stands Out: Mint, a long-standing player in the financial app world, offers comprehensive budgeting tools and real-time tracking of your finances. Its standout feature is the ability to categorize transactions automatically, providing a clear picture of where your money is going. Unlike Rocket Money, Mint is free, making it an attractive option for those wary of hidden fees or unintentional upgrades to premium services.

2. YNAB (You Need A Budget): The Proactive Budget Planner

Why It Stands Out: YNAB‘s philosophy centers on giving every dollar a job, encouraging proactive budgeting rather than just tracking expenses. This approach helps users actively manage their money and plan for future expenses. While YNAB is a paid service, its pricing is transparent, and it offers a 34-day free trial, allowing users to fully understand the app before committing financially.

3. Trim: The Automated Financial Assistant

Trim enters the financial app arena as a robust contender, particularly for those seeking an automated assistant to manage their finances. Similar to Rocket Money, Trim offers a range of services aimed at optimizing your financial health, but with its unique twists and capabilities.

4. Simplifi: More intuitive but less comprehensive

Simplifi offers a more intuitive and user-friendly interface compared to Rocket Money, but Rocket Money excels in providing more comprehensive features for expense tracking and subscription management.

5. Empower: for more banking and savings focus

Empower leans more towards banking and savings, whereas RocketMoney centers more on subscription management and budget tracking. For individuals seeking an all-in-one banking solution that offers interest-bearing accounts and tools to enhance savings, Empower stands out as a good alternative.

6. Kubera for Wealth, RocketMoney for Daily Finances

Kubera is more about wealth tracking and the bigger picture of one’s financial health, while RocketMoney is about managing and optimizing day-to-day expenses and subscriptions. For someone interested in detailed wealth portfolio management, Kubera would be the better choice, whereas for those looking to control their monthly expenses and manage subscriptions, RocketMoney would be more beneficial.

7. Acorns: Revolutionizing Micro-Investing

In my Acorns micro investing review, I discovered that while Acorns and Rocket Money serve different personal finance needs, they share similarities. Both apps provide a user-friendly interface and automated financial management tools, emphasizing a mobile-first approach for ease of use. Acorns, however, extends its offerings beyond mere expense tracking, delving into the realm of micro-investing. This feature enables users to invest spare change by rounding up purchases, making it an ideal platform for those new to investing.

Each of these alternatives to Rocket Money has its unique strengths, catering to different needs and preferences in financial management. Whether you prioritize comprehensive budgeting, investment tracking, simplicity, or collaborative financial planning, an app can meet your needs. The key is to choose an app whose features align with your financial goals and whose fee structure and transparency match your comfort level.

Final thoughts

Considering whether Rocket Money is the right financial management tool for you, it’s important to weigh its strengths and weaknesses. Here, I’ve compiled a list of pros and cons:

Pros:

1. Intuitive and User-Friendly: Rocket Money is easy to set up and use.
2. Customer Support: Offers exemplary customer support, albeit only through email.
3. Refund Policy: They provide easy, hassle-free refunds.
4. Subscription Management: Helps in identifying and cancelling other subscriptions effectively.
5. User Interface: The app has a beautiful user interface.
6. Reminders and Notifications: Constant reminders and notifications for upcoming bills.

Cons:

1. Inconsistent Bill Negotiation: The bill negotiation feature is hit or miss, with many users expressing dissatisfaction.
2. Unintended Upgrades to Paid Version: Users often unknowingly upgrade to the paid version, realizing it later.
3. Lack of Phone Support: The app does not offer phone support, which might be inconvenient for some users​​.

We’ve delved into the features, user experiences, and reviews surrounding TrueBill and its successor, Rocket Money. Rocket Money might be worth a test run if the advantages align more with your needs than the disadvantages. Start with the free version, and tread cautiously when considering an upgrade to premium. Financial tools are deeply personal, so always ensure they match your requirements before diving in!

The post TrueBill / Rocket Money Review – After Testing 20+ Financial Apps! first appeared on My Blog.

Can Budget Planning be done in Excel?

Yes. It can be done. It’s not easy, but it is doable.

If you master the basic knowledge to use Excel, you have a reasonable chance to maintain your budget planning in the application long-term without the need for using other tools or spending money on printed budget planners. Even Microsoft states this explicitly here:

Excel can help you get organized and on track with a variety of free and premium budgeting templates.

So you can get started right away, I present you with a Personal Monthly Budget Template for Excel that you can download for free here. The wording is very tricky because it’s only free if you have a Microsoft 365 subscription. If not, you will have to pay $6.99 a month. I don’t really understand why they say it’s free and premium and they ask you to pay immediately after. I am under the impression that “free” is just a marketing strategy. However, I included the paid version here because I think that most people who research if they can do budget planning in Excel probably pay for it.

If you try to use the template and introduce how much you’ve earned and how much you’ve spent, it will automatically calculate the difference. It’s not a big deal but, in other words, it can only help you with calculations. This means that at the end of the month, you’ll know if you’ve spent more than you’ve earned or if you can save something.

In addition to this template, there are plenty of online resources, mostly paid, that offer all kinds of sheet models. But a lot of people are asking for money. However, if you dive deeper, you might also find a few free ones, but my goal now is to make you aware of the problems you will probably encounter along the way so that you don’t waste your time if you don’t consider it worthwhile.

What are the challenges you will face when using a budget planner in Excel? 

1. It’s specific to whoever created it. Just like typical budget planners, if you’re using an Excel template you’ll have to work with the structure and calculations of the person who created it. If we compare it to a typical budget planner that allows you to adjust predefined fields and names pretty easily, with a predefined template it’s going to be a lot harder. You will probably have to adjust calculation formulas as well.
2. They are pretty hard to personalize. Let’s say that you somehow move past surface customization adjustments. There is still a big chance that you will have to go into even more advanced details. For instance, if the monthly budget is spread over different tabs, and you need a total on the first page. It will be harder if you want to work with percentages and they are not included in the basic formulas. You can stumble upon many issues that you wouldn’t expect, so think very well about what you want specifically and look for a template that can solve most of your needs.
3. Data safety. This is also a pretty big problem but not for everyone. Just the fact that you have your financial information on your computer can expose you to hackers that you wouldn’t be exposed to if you used a physical budget planner. They both share the risk of being robbed by a thief who breaks into your home and steals your budget planner and your computer. However, only digital information is exposed to hackers, so this is an extra risk you need to be willing to take.
4. Multiple users / no easy collaboration. Everyone can participate in filling in a physical budget planner, especially when there are unforeseen expenses because it’s much easier to use by people who are not technically inclined. Some family members might find it difficult or impossible to collaborate on a digital budget planner, and you will have to teach them basic Excel features.
5. It’s harder to do reviews and revisions. With small exceptions, most people find it a lot harder to review their annual activity when flipping through spreadsheets than with a physical budget planner. And reviewing is essential. If you have a clear overview, you can make the adjustments that require the least effort or those that have the greatest impact. Using a budget planner that you don’t review regularly is almost useless. This is by far one of the most important reasons why I would choose a physical budget planner.

If the reasons above are not serious enough to motivate you to look for other solutions, then two active directions remain: using a predefined budget planner or creating one from scratch. Take a look first and see if you can find something on the Internet that matches the features you need the most. If you can’t find anything, the best solution for you is to create a personalized template from scratch. You will come to a conclusion when you test a few and you notice that your personal needs don’t align with those of the majority. If you find yourself in this situation, you will probably need a bit of guidance, which is why I’ve searched for a few guides and a video that can help you step-by-step when creating a budget planner in Excel:

1. How to Make a Budget in Excel: Our Simple Step-by-Step Guide
2. This example shows you how to create a budget in Excel.

And here is a video created by the Technology for Teachers and Students channel that takes you through the creation process of an Excel family budget step-by-step. They also have an entire playlist of Excel tutorial videos that you can see here: http://bit.ly/tech4excel

And here is a more detailed video that shows you how to create a “personal budget dashboard”. It’s longer and more technical, but it could be useful if you’re willing to put in the effort:

The post Can Budget Planning Be Done in Excel? first appeared on My Blog.

Maintaining the budget planning process long-term requires perseverance. Perseverance is one of the most important qualities in any domain but also one of the most difficult ones that you can cultivate in time. In my opinion, one of the easiest ways you can become more perseverent is through other people’s examples. But since perseverance is rarely met in practice, there is a big chance there are few cases around you or none at all. As an alternative, you can use books that talk about it, but it’s hard to find good examples even with books. I can recommend author Steven Pressfield and his book “Do The Work” or Brian Tracy’s “Eat the Frog”.

Personal examples and books aren’t the only solutions when it comes to becoming more perseverent. Another idea is to constantly work on the way you see the world around you. The way you see the world will not change from one day to the next, but you can change it little by little every day. Motivational quotes can work as a method to impress your subconscious mind, and through regular repetitions, they can leave a big print on the way you see the world. That’s why I’ve collected here the best motivational quotes that can stimulate you to maintain budget planning. There are a ton on the Internet, but I’ve carefully selected only the best ones:

“A budget is more than just a series of numbers on a page; it is an embodiment of our values.” – Barack Obama

“The simplest definition of a budget is “telling your money where to go.” ― Tsh Oxenreider

“A budget is telling your money where to go instead of wondering where it went.” ― Dave Ramsey

“If you want creativity, take a zero off your budget. If you want sustainability, take off two zeros.” ― Jaime Lerner

“Balancing the budget is like going to heaven. Everybody wants to do it, but nobody wants to do what you have to do to get there.” ― Phil Gramm

“A personal budget is a manifestation of your decision to grab your finances by the balls” ― Money Tree Man

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.” ― Will Rogers

“Beware of little expenses; a little leak can sink a great ship” – Benjamin Franklin

“They call it a budget so you don’t budge from it.” ― Mike Figgis

“Establishing a budget is the act of deciding how much of your money you’re going to spend on one item, how much on another, and so on, before you’re actually in the position of spending the money.” ― Tere Stouffer

“Frugality isn’t about cutting your spending on everything. Frugality is about choosing the things you love enough to spend extravagantly on – and then cutting costs mercilessly on the things you don’t love. The mindset of frugal people is key to being rich.” ― Ramit Sethi

“Someone’s sitting in the shade today because someone planted a tree a long time ago.” ― Warren Buffett

“Dammit, I saved too much for retirement! Said nobody, ever.” – Anonymous

“If you don’t decide what your priorities are in life, everyone else will decide for you.” — Christy Wright

“Budget: A mathematical confirmation of your suspicions.” ― A.A. Latimer

And some quotes about perseverance, to keep you going:

“You don’t have to see the whole staircase, just take the first step.” ― Martin Luther King, Jr.

“Everyone must choose one of two pains: the pain of discipline, or the pain of regret or disappointment.” ― Jim Rohn

“Don’t make excuses for why you can’t get it done. Focus on all the reasons why you must make it happen.” ― Oprah Winfrey

“Perseverance is not a long race; it is many short races one after the other.” ― Walter Elliot

“Many of life’s failures are people who did not realize how close they were to success when they gave up.” ― Thomas Edison

“Fall seven times and stand up eight.” ― Japanese Proverb

“It’s not that I’m so smart, it’s just that I stay with problems longer.” ― Albert Einstein

“Success is the sum of small efforts, repeated day in and day out.” ― Robert Collier

Are there other things to keep you motivated on budget planning?

Yes, actually there are! Like I said at the beginning of this article, a good example is among the best things that can help with motivation. But don’t forget that you can get examples not only in person, from friends or family, but from YouTube as well. And there is an exceptional category of budget planning videos that can do a great deal to motivate you. I’m specifically talking about “Budget With Me” videos. In this type of video, you will see step-by-step how someone creates their budget, from beginning to end. This type of video is not only a “how-to guide” put into practice (or a hands-on guide), but after watching more you will be able to see how other people treat the problems they encounter. And now let’s see a few examples in practice:

1. The first “Budget With Me” video example comes from Summer, from her channel called Living Life With Summer. She makes videos about budgeting, paying off debt, saving money, and lifestyle. One of the most important things to mention about Summer is that she is a teacher and a salaried employee, who gets paid once a month on the last working day of the month. She budgets using the zero-based budget method with the cash envelope system. But by far the most significant aspect for you is that she shares real numbers from her March 2022 paycheck, for example, unlike many other YouTubers who give budgeting examples with fictional numbers. She can do this because she is a teacher and her income is public record. Because of this, I believe she is the best example you can get. Her video is good not only for inspiration and motivation, but you can use it as a how-to guide that gives you hands-on information about the way you can deal with budgeting issues. If you like her channel, don’t forget to subscribe! https://youtu.be/-7n9o5mg5zs
2. The second “Budget With Me” video example comes from The Save at Home Mom. She films videos about budgeting, frugal living, and motherhood. In the video below she is doing the budget for the first paycheck of April 2022. She shows all her spendings step-by-step and you will see how she treats every problem in practice. If you like her video, don’t forget to hit subscribe!
3. The third “Budget With Me” video example comes from nashwallet. Compared to the two videos above, her video is a little different because she doesn’t use a dedicated budget planner, just a simple notebook. But what sets her apart even more is that she is only 23 years old, so she is a much more relevant example for young people and the problems they stumble upon.

If you have other suggestions that could help and motivate people when it comes to budget planning, don’t hesitate to contact us by using our contact form. If your advice is worth it, we’ll add it to the article!

The post Budget Planning Motivation – What you need to stay on track! first appeared on My Blog.

Keeping track of your money can be challenging, especially if you’re dealing with a variable income, unexpected expenses, and bills that come due on a regular basis. It’s easy to get caught up in the day-to-day grind and not realize until later that you spent more than expected or are coming up short in preparation for an upcoming event like a vacation or car purchase. That’s where budgeting apps can help. These apps make it easier to keep track of your money by presenting all your financial information in one place, helping you identify areas for improvement and set new goals for future savings. With the help of these apps, you might be able to save more money, pay off debt faster, and plan for future expenses.

What can these budgeting apps do to help you save money?

Budgeting apps can help you save money in a number of ways. First, they can help you track your spending so that you can see where your money is going. This can help you identify areas where you may be spending too much money and make adjustments accordingly. Second, budgeting apps can help you set up a budget and stick to it. This can help you ensure that you are not spending more money than you can afford to and help you reach your financial goals. Finally, others may offer features like cash-back rewards or coupons. Many budgeting apps also offer features like notifications or alerts that can help you stay aware of your spending and make sure that you do not go over budget. Let’s take some concrete examples:

How to save money with YNAB?

YNAB is a software program that you can use on your computer or phone, and it is also available as a mobile phone app. The app gives you the ability to track your spending, set goals, and see where your money is going. It also offers tips and advice on how to save money and get out of debt.

One way to save money with YNAB is to use the “envelope” system. This system assigns every dollar you have to a specific category, like rent, groceries, or entertainment. Once you’ve assigned all of your dollars, you can only spend what’s in each envelope. This system forces you to think about your spending and makes it easy to see where your money is going each month.

Another way to save money with YNAB is to create a monthly budget. This budget should include all of your income and expenses for the month. Once you know how much money you have coming in and going out each month, you can make adjustments to ensure that you’re saving money. For example, if you see that you’re spending too much money on eating out, you can cut back and save that money instead. YNAB can also help you to track your progress in terms of saving money and reaching your financial goals. This can help you to stay motivated and on track, and can also help you to spot any potential problems or areas where you may need to make adjustments.

How to save money with Albert App?

Simply download the app and create an account. Once you’re logged in, you’ll be able to add your bank account and start tracking your spending. You can also set up goals and see your progress over time. It also has a feature that allows you to set up a savings goal and automatically transfer money into your savings account each month. Another way in which this app can help you to save money is by finding discounts and coupons for the things you want to buy before you buy them. The Albert app offers some great discounts on a variety of products and services. You can often find deals for 10-20% off your purchase, and sometimes even more. Be sure to check the app often for the latest deals.

How to save money with Gasbuddy?

Using GasBuddy, you can see the gas prices at different stations and choose the cheapest option. This can help you save money on your gas bill each month. Additionally, GasBuddy’s trip cost calculator can help you estimate how much you’ll spend on gas for a trip, so you can budget accordingly. Many users think that GassBuddy is useful. It has been downloaded over 10 million times and has a 4.5-star rating on the App Store. Many say that it has saved them a lot of money on gas and that it is very user-friendly. Some have even said that it is the best gas price app available!

What other advantages do budgeting apps bring to the table?

1. Budgeting apps are fast. If you are someone who is very organized and enjoys using technology, a budgeting app may be a great option for you. It is way faster than using pen and paper, or even spreadsheets. Budgeting apps are designed to be fast and easy to use, and many users find them to be helpful in managing their finances.
2. Budgeting apps are easy to use. Budgeting apps can be easy to use, depending on the app and your level of comfort with budgeting and tracking expenses. Some apps are more user-friendly than others, and some may require more time and effort to set up and use effectively. If you’re not sure where to start, there are plenty of reviews and articles online that can help you compare different budgeting apps. Once you’ve found a few that look promising, take some time to explore them and see which one feels the most user-friendly to you.
3. Budgeting apps make you accountable. Budgeting apps can definitely help make you more accountable for your spending. Having all of your transactions in one place and being able to see where your money is going can be a real eye-opener. You may be surprised to see how much you’re actually spending on things like coffee or eating out, and this can help you make some changes to your spending habits. If you’re looking to get more control over your finances, a budgeting app can definitely be a helpful tool. Some budgeting apps allow users to set goals and track their progress, which can further motivate them to stick to their budget. Ultimately, even though it works for many people, whether or not a budgeting app makes you accountable is up to you and your individual circumstances!
4. They make it easy to categorize expenses. For example, let’s say you have a monthly budget of $1,000 for groceries. You could use a budgeting app to track your spending in this category, and the app would help you to stay within your budget by alerting you if you were close to or over your limit. This could be especially helpful if you tend to overspend in certain categories, as the app would provide a reminder to help you stay on track. Of course, budgeting apps are not perfect, and they will not work for everyone; some people may find them to be too restrictive.
5. They provide useful money reports. Many budgeting apps offer features that allow users to export their data into a format that can be easily shared with others, such as a PDF or spreadsheet. This can be helpful in identifying areas where money is being wasted, as well as providing a way to keep track of progress toward financial goals.

Are there any other ways in which these budgeting apps include can help you?

Yes, there are a few more ways in which budgeting apps can help you:

1. They can help with credit scores. Budgeting apps can most definitely help with credit scores! By tracking your monthly spending and income, you can better understand where your money is going and make adjustments accordingly. This can help you free up more money to put towards paying off debt, which in turn will help improve your credit score. Additionally, some budgeting apps also have features that allow you to track your credit score and credit utilization, which can further help you stay on top of your credit health.
2. They can help with bill negotiation. Budgeting apps can definitely help with bill negotiation! By keeping track of your spending and knowing where your money is going, you’ll be in a much better position to negotiate with creditors and get the best possible terms on your bills. In addition, many budgeting apps offer features like bill reminders and payment tracking, which can help you stay on top of your payments and avoid late fees.
3. They can help you invest. Acorns is an app that helps people save and invest their spare change. It will give you the possibility to automatically reinvest your spare change into a diversified portfolio of exchange-traded funds (ETFs). This can help you build up your investment portfolio over time without having to make large contributions all at once. Additionally, Acorns can provide you with guidance and advice on how to best grow your investments. Turning innovative business ideas for entrepreneurs into reality often requires a financial investment. This investment can provide the necessary resources and support to bring the idea to fruition, allowing the entrepreneur to launch and grow their business.

Can budgeting apps actually make it harder for you to save money?

Of course, budgeting apps are not perfect. Some can be expensive, and most of them require you to input a lot of data. They also might not be able to provide the same level of customization and flexibility as a traditional budget. But if you’re looking for a way to take control of your finances and save money, budgeting apps are definitely worth considering. But usually, budgeting apps are not expensive. In fact, most budgeting apps are free. While some of these apps do have paid features, they are not necessary in order to use the app and budget effectively. There are a variety of different apps available, so be sure to do your research to find one that best suits your needs. Start with the free ones, and pay attention to pricing and how much they cost, and you won’t have any problem on this side.

It’s important to explore the other side of the coin if you are tempted to start using budgeting apps. But before you do, you should know that there are many people who hate budgeting apps. The main reasons for this are that they find them cumbersome to use, difficult to understand, and often ineffective in helping them manage their finances. Additionally, many people simply do not like the idea of having to track their spending and budget their money, preferring instead to live impulsively and spend whatever they want. To find these people, just check popular user review websites and sort the reviews by the number of stars, starting with those that only gave one-star reviews. You might find out that you have similar values, views, and beliefs.

Budgeting apps may not be worth it if you are not willing to put in the work to make them effective. Just like with any other budget, you need to be diligent about entering your transactions and keeping track of your spending. If you are not willing to put in the time and effort, a budgeting app is not likely to be helpful.

Final words

According to a study done by Bankrate, 63% of smartphone users have at least one financial app. And it looks like younger generations rely more and more on these kinds of tools. If you are in the category of people that don’t yet use a budgeting app, why don’t you give it a try? In the worst-case scenario, you will just abandon them. And if they work, they could bring a lot of improvements to your financial circumstances.

The post Why a Budgeting App Could Help You Save Thousands first appeared on My Blog.

In the modern world, everything revolves around technology. While smartphones and other devices can make everyday life much easier, they can complicate things. This is especially true when it comes to finances. Thankfully, there are plenty of great options for users looking to organize their spending habits and bills. As with any software program, there are some issues that crop up time and time again. There are several common problems that users experience when using these budgeting apps. This article will discuss some of the most common problems and disadvantages people have while using budgeting apps and how you can overcome those difficulties if you’re also planning to use budgeting apps in your daily life.

This article will be particularly valuable if you are exploring the option of using a budgeting app and seeking a comprehensive understanding, including the less discussed aspects. While most resources tend to highlight only the advantages, my focus here is solely on the disadvantages, offering a unique perspective essential for making a fully informed decision.

Many budgeting apps feel non-intuitive

Even though most budgeting apps are designed with the user in mind, because there are so many workflows and approaches to managing your finances, many fail to appeal to a larger audience. Budgeting can be a complex task, and it can be difficult to design an app that is both easy to use and effective at helping people manage their finances.

Budgeting apps can definitely have a learning curve – after all, you’re trying to learn a new way to manage your finances! Depending on the app, there may be a lot of features and functionality to learn to get the most out of it. But there are ways to make the learning curve a little less steep. First, try to find an app with good reviews recommended by people you trust. Second, take some time to watch tutorials or read articles about how to use the app before you dive in. Finally, be patient with yourself – it takes time to learn anything new, so don’t get too frustrated if you don’t get the hang of it immediately.

There are also external reasons that may influence how people perceive these budgeting apps. People are generally bad at estimating their expenses and often underestimate how much they spend in a given month. And they might easily put the blame on the tool instead of their awareness and skill.

It has certain features that annoy me!

Budgeting apps can have a lot of features that annoy people. For example, some apps have ads that can be intrusive, while others may have in-app purchases that people find annoying. Some apps require users to input every purchase, which can be tedious. Another example worth mentioning is that some apps have a lot of fine print and small print that can be confusing to read. Here are a few more potential annoyances that budgeting apps might include:

• Limited customization options
• Lack of flexibility
• Inflexible budget categories
• Difficult-to-use interface
• Lack of comprehensive features

While not everyone considers these issues drawbacks, and some may even find them preferable, they certainly highlight some disadvantages of budgeting apps. It ultimately depends on individual preferences and needs.

They could use better tutorials and better help sections

When trying out budgeting apps, a potential disadvantage is the inadequacy of help sections or tutorials. In general, most budgeting apps offer some form of help section or tutorial to help users get started. But it looks like they don’t do a great job at it. For example, some of the reviews for YNAB reviews are mixed; some people complain about not having enough tutorials or help information, while others praise it for the great help section. The community is also very active and helpful, so you can always find answers to your questions there.

The push notifications are pushy or not working properly!

Budgeting apps (and generally mobile apps) have a notorious problem with how they handle notifications. On one hand, notifications can be helpful in reminding users to stay on track with their budgets. On the other hand, notifications can be overwhelming and cause users to abandon the app altogether. The key is to find a balance with notifications. Some budgeting apps allow users to customize their notifications, which can be helpful. Others include a few basic notifications, such as a daily or weekly summary.

There is some debate on whether or not budgeting app notifications are annoying. Some people find them helpful in keeping track of their spending and staying on budget, while others find the constant reminders to be intrusive and disruptive.

A few budgeting apps have been known to have annoying notifications. Some users have complained about apps like Mint and Goodbudget sending too many notifications, which can be frustrating. There are also a few reports of YNAB (You Need a Budget) sending notifications for every little thing, which can be overwhelming.

A notable disadvantage of some budgeting apps, such as Mint and Goodbudget, is the unreliability of their notifications and alerts. Despite Mint’s popularity, many users have expressed dissatisfaction with its inconsistent alerts, which are crucial for effective budget management. Similarly, Goodbudget has faced complaints about the unreliability of its notifications. This issue underscores a critical aspect where these apps may fall short, impacting the overall user experience and the app’s effectiveness in helping users stay informed about their financial activities.

They can have bad customer service

Budgeting apps generally tend to have good customer service, as they understand the importance of providing timely and helpful assistance to their users. But this is not true for all the apps out there, let’s take some examples:

Mint is a great option for those seeking a budgeting app with excellent customer service, offering 24/7 support and a user-friendly interface. YNAB also stands out with email, chat, or phone support. EveryDollar follows suit with efficient service through email or phone. In comparison, as highlighted in my review of Rocket Money, it boasts exemplary customer support. However, it’s important to note that RocketMoney offers its support exclusively through email, catering to users who prefer digital communication for handling their queries and support needs.

In analyzing customer support for various apps, it’s important to tread carefully as there can be some shady areas, much like what I uncovered in my Acorns review for investing. During that review, I detailed an entire saga concerning their customer support and how their public reviews are manipulated by malicious intent to look bad. Despite these issues, it’s crucial to note that, in reality, Acorns’ customer support is actually quite good.

But If we take a look at some customer reviews of GasBuddy, it seems that many people are not happy with the level of service they have received. Complaints include long wait times, unhelpful staff, and difficulty getting refunds or credits. It’s possible that GasBuddy has improved its customer service since these reviews were written, but it’s also possible that the company is still struggling in this area. If you’re considering using GasBuddy, it might be worth researching whether recent customers have had positive or negative experiences.

As you explore the disadvantages of budgeting apps, it’s important to know that not all apps offer the level of customer support you might expect. While apps like Mint and YNAB provide robust support, others may not meet these standards. You might encounter issues such as slow response times, limited support options, and a lack of personalized help. These drawbacks can significantly affect your experience, especially when timely and accurate support is crucial for managing your finances. Therefore, as you weigh your options, consider these potential disadvantages to ensure your chosen app aligns with your needs for effective financial management.

They sell user info to third-party companies

A few budgeting apps sell user information, although most do not. The ones that do typically sell it to advertisers so that they can target ads more effectively. The sold information is usually anonymous and cannot be traced back to individual users. However, some budgeting apps may sell more personal information, such as names and addresses, to third-party companies.

Some budgeting apps, like Mint and You Need a Budget (YNAB), sell user information. Both of these apps have been known to sell user information to third-party companies, which means that your personal financial information could be at risk if you use either of these apps.

Mint has been known to sell user information to companies like Experian and Equifax, which are both credit reporting agencies. This means that if you use Mint, your personal financial information could be shared with these companies. YNAB, on the other hand, has sold user information to companies like Google and Amazon.

If you are concerned about sharing your personal information with third-party companies, you may consider using a different budgeting app that does not sell user information. There are a number of different apps to choose from, so you should be able to find one that meets your needs. This practice has been scrutinized in recent years as it raises privacy concerns. Some users have even deleted their Mint accounts due to these concerns.

In considering the disadvantages of budgeting apps, it’s crucial to address the issue of data privacy. Some apps, including popular ones like Mint and YNAB, have been known to sell user information to third parties such as Experian, Equifax, Google, and Amazon. This means your personal financial data might be shared with these companies, posing a risk to your privacy. While the sold data is often anonymous, there are instances where more personal details are involved. If privacy is a major concern for you, exploring other budgeting apps that prioritize user data protection is advisable.

You might not be able to close your account easily

Most budgeting apps allow you to close your account easily. But this is not always the case. Many people complain in reviews for many apps about being charged after they close their account or cancel their subscription. You should know this before you commit to an app for the long term.

Some apps make it easy to cancel by allowing you to do it directly from the app, while others may require contacting customer support. Additionally, some apps may charge a cancellation fee, so be sure to check the terms and conditions before signing up for a budgeting app.

Diving deeper into the disadvantages of budgeting apps, a significant concern lies in the process of account closure and cancellation. Many users have reported being charged even after closing their accounts or canceling subscriptions, a frustrating experience that raises questions about the transparency of these apps. While some apps facilitate easy cancellation directly through the app, others require contacting customer support, which can be cumbersome. Additionally, be aware of potential cancellation fees. Before committing to any budgeting app for the long term, it’s essential to understand these aspects and carefully review the terms and conditions to avoid any unpleasant surprises.

Explore alternatives

You might consider alternatives beyond budgeting apps as you explore different ways to manage your finances. This includes sophisticated personal finance software and versatile spreadsheets. You might also find value in the best physical budget planners. These planners offer a tangible, hands-on method for tracking your expenses and can provide a clear, visual approach to your financial planning, blending traditional pen-and-paper methods with effective organization.

Final words:

It’s difficult to say whether budgeting apps help more than hurt because it depends on the person using them. Some people find that budgeting apps are extremely helpful in managing their finances and staying on track, while others find that they’re more of a hindrance than a help. Ultimately, it comes down to personal preference and what works best for the individual.

The post The Disadvantages of Budgeting Apps: Exploring the Downsides first appeared on My Blog.

When it comes to personal financial matters, it pays to have the right expert on your side. However, choosing a personal financial expert can be an intimidating process. With so many different professionals, how do you decide who fits your needs best? The answer requires careful consideration and research. By understanding the qualities you need to look for, the background and experience of each expert, and the services available, you can confidently make the right choice for your specific needs.

When researching personal finance experts, there are a few key things to consider to help you choose the right one for you:

1. Credentials and qualifications: Look for experts with relevant credentials, such as a CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst) designation, which indicate that they have completed a certain level of education and passed a rigorous exam in the field of personal finance.
2. Experience and track record: Look for experts with a proven track record of helping clients achieve their financial goals and who have experience working with clients in similar situations to yours. Fortunately, all the 20 experts mentioned in this article have long careers, most bypassing 20 years of experience in this field.
3. Philosophy and approach: Research the expert’s philosophy and approach to personal finance and see if it aligns with your values and goals.
4. Reviews and testimonials (mainly negative): I included a section named “What is this expert mostly criticized about” where it was applicable. There were some cases where I couldn’t find anything noteworthy.
5. Specialization: Some experts may have areas of specialization, such as retirement planning, investment management, or debt management. Consider if their area of expertise aligns with your specific needs.
6. Communication style: It’s essential to understand how the expert communicates and if the style aligns with your own.

• Dave Ramsey: personal finance expert, radio host, and author known for his “Baby Steps” approach to budgeting and debt elimination.
  • Why should you listen to Dave Ramsey?
    • He has a proven track record: Dave Ramsey has provided financial advice for over 25 years and has helped many people get out of debt and build wealth.
    • He has a clear and actionable approach: Dave Ramsey’s “Baby Steps” approach to budgeting and personal finance is easy to understand and follow and provides a step-by-step plan for improving your finances.
    • He emphasizes the importance of living below your means: Dave Ramsey encourages people to live within their means and avoid unnecessary spending, a crucial component of budgeting and financial success.
    • He strongly advocates for paying off debt: Dave Ramsey is a vocal proponent of paying off debt and avoiding excessive borrowing, which can be a significant obstacle to achieving financial success.
    • He is easy to access: Dave Ramsey provides his advice through various mediums, including a nationally syndicated radio show, books, podcasts, online resources, and more, making it easy for people to access his advice and follow his guidance.
  • What is Dave Ramsey mostly criticized about?
    • Some people believe his advice is too conservative and may not be appropriate for more aggressive investors. These critics argue that his advice needs to be more focused on paying off debt and may not be appropriate for people who want to invest their money.
    • Some people criticize Dave Ramsey for his strong emphasis on budgeting, and some experts say that his advice on budgeting may be overly restrictive and unrealistic for some people.
    • Other people also believe that Dave Ramsey’s advice is too focused on the religious aspect, which some see as divisive.

• Suze Orman: personal finance expert, author, and television host known for her advice on budgeting, saving, and investing.
  • Why should you listen to Suze Orman?
    • She has a wealth of experience and knowledge: Suze Orman has provided financial advice for over 40 years and is considered a leading authority on personal finance.
    • She has a clear and actionable approach and emphasizes the importance of understanding your finances: Suze Orman encourages people to take control of their finances by understanding their spending habits, identifying their financial goals, and creating a budget to reach them.
    • She is a strong advocate for financial empowerment for women. Suze Orman is a vocal proponent of the importance of financial empowerment for women and provides advice and resources to help women take control of their finances.
    • She is a best-selling author. Suze Orman has written several books on budgeting and personal finance, including “Women & Money: Owning the Power to Control Your Destiny,” a New York Times Bestseller.
    • She hosts her TV show, Suze Orman Show, which has been on the air for 13 years and provides educational and informative content on personal finance and budgeting.
  • What is Suze Orman mostly criticized about?
    • Some believe her advice is too simplistic and may not apply to more complex financial situations.
    • Other critics argue that her advice is too focused on consumerism and may not be appropriate for people who want to live more frugally.
    • Some people criticize Suze Orman for her strong emphasis on credit scores, and some experts say that her credit advice may be misleading or overly simplistic.
    • Some people believe that her advice is too focused on the American financial market and may not apply to people in other countries.

• Rachel Cruze: personal finance expert, author, and daughter of Dave Ramsey, focusing on budgeting and money management for young adults.
  • Why should you listen to Rachel Cruze:
    • She is the daughter of Dave Ramsey, and he has trained her to teach his financial principles; Dave Ramsey likely has a favorable opinion of Rachel Cruze and her work as a personal finance expert. Dave Ramsey has frequently mentioned her on his radio show and podcast, written the foreword to her books, and has her as a guest on his show, where they discuss financial topics together. He has also said that Rachel’s teachings are an extension of his philosophy and that she has a unique ability to relate to the younger generation. He believes she is a great teacher and is proud of her work to help people improve their financial situation.
    • She focuses on budgeting and money management for young adults: Rachel Cruze specializes in helping young adults understand the basics of budgeting, saving money, and managing debt.
    • She emphasizes the importance of building good money habits and encourages people to establish good habits that will serve them well.
    • She strongly advocates living below your means: Rachel Cruze encourages people to live within their means and avoid unnecessary spending, a critical component of budgeting and financial success.
    • She is the author of several books on budgeting and money management: Rachel Cruze has written several books on budgeting personal finance, including “Love Your Life, Not Theirs: 7 Money Habits for Living the Life You Want”
    • She is a speaker: Rachel Cruze frequently speaks at events and conferences nationwide, sharing her finance expertise and inspiring others to take control of their finances.
  • What is Rachel Cruze most frequently criticized about?
    • Her work mainly focuses on budgeting, saving money, and managing debt. As such, some people may criticize her advice as being too basic or not providing enough information for more advanced financial strategies.
    • As she is the daughter of Dave Ramsey, her teachings are an extension of his philosophy, and she has a unique ability to relate to the younger generation. Some critics argue that her advice may not apply to everyone’s financial situation, as it may be geared towards a specific demographic, such as young adults.

• Robert Kiyosaki: entrepreneur, author, and speaker, best known for his book “Rich Dad Poor Dad,” which focuses on budgeting and financial literacy.
  • Why should you listen to Robert Kiyosaki?
    • Robert Kiyosaki believes that traditional financial education is inadequate and that people must take responsibility for their financial education and decision-making. He argues that traditional financial education focuses too much on saving money and living frugally rather than creating cash flow through investments and building wealth. He believes that traditional financial education does not provide enough information on creating multiple income streams, managing cash flow, and investing in assets that will appreciate over time.
    • He is best known for his book “Rich Dad Poor Dad”: The book, which has sold millions of copies worldwide, is a personal finance classic and has been translated into dozens of languages. It highlights the importance of financial literacy and how to achieve financial independence through investing and entrepreneurship.
    • Robert Kiyosaki is a popular speaker who regularly talks about personal finance, entrepreneurship, and investing. He uses his experiences and knowledge to inspire and motivate people to take control of their financial lives.
    • He provides financial education through various mediums, including books, online resources, board games, and more, making it easy for people to access his advice and follow his guidance.
  • What is Robert Kiyosaki most frequently criticized about?
    • On the other hand, some critics argue that his teachings may be too simplistic and that some of his advice can be unrealistic or not applicable to everyone’s financial situation. Critics also point out that some financial strategies he promotes, such as real estate investing, can be risky and unsuitable for everyone.
    • Kiyosaki emphasizes the importance of cash flow and how to create it through investments, such as real estate and businesses, rather than relying on a traditional job or savings account. He argues that cash flow is more important than net worth and that people should focus on creating multiple income streams to achieve financial freedom. This advice can be seen as controversial because it may be perceived as advocating for taking on more debt and risk. Not everyone may have the resources or inclination to pursue real estate or business investments. Furthermore, some financial experts have said that some of his statements on taxes and personal finance are inaccurate and may be misleading.

• Clark Howard: personal finance expert and radio host, providing advice on budgeting, saving money, and managing debt.
  • Why should you listen to Clark Howard?
    • Clark Howard has provided financial advice for over 30 years and is considered a leading authority on personal finance. He provides financial education through various mediums, including books, online resources, and more, making it easy for people to access his advice and follow his guidance.
    • He provides a balanced approach to personal finance, focusing on living below your means, protecting your assets, and being a savvy consumer. He encourages people to be informed consumers and make smart financial decisions by providing tips and advice on saving money on everyday purchases. He has a clear and actionable approach with easy-to-understand advice that can be applied to your financial situation.
    • He strongly advocates for consumer rights and is known for providing tips and advice on protecting yourself from scams, fraud, and identity theft.
    • He is a popular radio host: Clark Howard has a nationally syndicated radio show where he provides advice and answers listeners’ questions.
  • What is Clark Howard most frequently criticized about?
    • Some people also believe that Clark Howard’s advice is too focused on the frugal lifestyle, which some see as restrictive.
    • Some critics argue that his advice is not always suitable for people with lower incomes or struggling financially.
    • Others have suggested that some of his advice on his radio show or website may not be appropriate for people with specific financial or complex financial situations.
    • Some critics argue that he does not always provide enough detailed or specific information on implementing his advice.

• Gail Vaz-Oxlade: Canadian personal finance expert and television personality known for hosting the Canadian television series “Til Debt Do Us Part” and “Princess.”
  • Why should you listen to Gail Vaz-Oxlade?
    • Gail Vaz-Oxlade is known for her straightforward, no-nonsense approach to personal finance. She provides clear, actionable advice that can be applied to your financial situation.
    • She emphasizes the importance of budgeting and living within your means to achieve financial freedom.
    • Gail Vaz-Oxlade encourages people to take responsibility for their financial decisions.
    • She is well-known for her ability to connect with people and help people understand their finances and take control of their money. She has much experience doing this; she has provided financial advice for over 20 years and is considered a leading authority on personal finance in Canada. Her approach is relatable, and she shares her own experiences, which makes it easier for people to identify with her and her advice. She has a positive attitude and encourages people to focus on solutions rather than dwelling on problems.
    • Gail Vaz-Oxlade strongly advocates financial literacy and educates people on managing their money and achieving financial freedom. She is passionate about financial literacy. She uses her TV shows as a tool for education and change: Gail Vaz-Oxlade has appeared on several Canadian television shows, including “Til Debt Do Us Part,” “Princess,” and “Money Moron.”
  • What is Gail Vaz-Oxlade most frequently criticized about?
    • Some people may not agree with her approach to managing debt, as she advocates for paying off all debts as soon as possible, which some people find hard to achieve.
    • Some people may find her personality and style too direct and assertive or her advice unsuitable for people with lower incomes or those struggling financially.
    • Some critics may argue that her advice is too focused on achieving financial freedom and less on enjoying life and spending money on things that make people happy.
    • Some people believe that her advice is too focused on the Canadian financial market and may not apply to people in other countries.

• Elizabeth Warren: American politician and former law professor is known for advocating consumer protection and personal finance education.
  • Why should you listen to Elizabeth Warren?
    • She has a deep understanding of the financial system: As a former Harvard Law School professor and as the former head of the Consumer Financial Protection Bureau (CFPB), Elizabeth Warren has a wealth of knowledge and experience when it comes to the financial system, consumer protection, and financial regulation.
    • She advocates for consumer protection: Elizabeth Warren has been a vocal advocate for consumer protection and has worked to hold financial institutions accountable for their actions.
    • Elizabeth Warren has proposed several policies to address economic inequality, such as a wealth tax on the ultra-rich and creating a public option for banking services. She is passionate about financial inclusion, promoting the idea that everyone should have access to the banking system and financial services.
    • She has a history of taking on powerful interests, including Wall Street and large corporations and advocating for the rights of consumers and working families. She has a history of fighting for financial literacy and making financial education accessible to all.
    • She has a strong understanding of the student loan crisis. She has been a vocal advocate for student loan reform and has proposed several solutions to the student loan crisis. She has advocated for fair credit practices, such as eliminating predatory lending and establishing a credit reporting system that works for all consumers, not just the wealthy.
    • Elizabeth Warren has played a crucial role in creating the Consumer Financial Protection Bureau (CFPB), established to protect consumers from predatory financial practices.
  • What is Elizabeth Warren most frequently criticized about?
    • Some people criticize Elizabeth Warren for her strong emphasis on regulation and government intervention in the economy, while others believe that her policies are too far left and would be challenging to implement.
    • Some critics argue that her plans for financial regulation would be too restrictive and harm innovation and competition; it could lead to increased government bureaucracy and stifle innovation. Some critics argue that her taxation and wealth redistribution policies would harm the economy. And from other perspectives, her advice is impractical and could not be implemented.
    • Some people believe that her approach to student loan debt forgiveness and other social programs would be too costly and challenging to implement and argue that it would be unfair to those who have already paid off their student loans. I believe the latter argument is ludicrous, regardless of how actionable Elizabeth Warren’s theories regarding student loans are. If, with every change, we were to think how unfair it is to the wronged ones before, we wouldn’t advance much as a society, would we?
    • Some people believe that her approach to the healthcare system is not feasible, would be too expensive to implement, and could lead to reduced access to care.

• Tony Robbins: American author, entrepreneur, and philanthropist known for his motivational speeches and books on personal finance and budgeting.
  • Why should you listen to Tony Robbins?
    • He has a holistic approach to personal finance: Tony Robbins encourages individuals to look at their finances in the context of their overall life and not just as a standalone issue. He emphasizes the importance of setting and achieving financial goals. He encourages people to set specific, measurable, and achievable financial goals and then develop a plan to achieve them. He encourages people to take control of their financial situation and take responsibility for their financial decisions.
    • He emphasizes the importance of mindset and attitude towards money, which is crucial for achieving financial success. He is well-known for his ability to motivate people and help them achieve their goals. He encourages people to take action and consistent steps to achieve financial goals rather than just focusing on knowledge or theory.
    • He emphasizes the importance of learning from failure: Tony Robbins encourages people to learn from their failures and to use them as opportunities to grow and improve.
    • Tony Robbins is considered a master of personal development and has helped many people overcome limiting beliefs and self-doubt and succeed. He has provided personal and professional development advice for over 30 years and has worked with many individuals and organizations.
  • What is Tony Robbins most frequently criticized about?
    • Some critics may argue that his approach is too focused on positive thinking and ignores the reality of adverse situations. Other people criticize him for promoting a “quick fix” mentality and not addressing the long-term changes needed for sustainable progress.
    • Some criticize him for lacking credentials in fields like psychology or finance. They say his advice is not backed by scientific research or evidence, and some criticize him for using controversial or aggressive tactics, such as walking on hot coals or submerging in ice baths.
    • Some people may criticize his approach to personal development as focusing on achieving success at any cost rather than promoting balance and well-being. From their perspective, he is too focused on wealth accumulation and insufficient on financial literacy and education.

• Jim Cramer: American television personality, author, and former hedge fund manager, he hosts the financial advice show “Mad Money” on the CNBC network.
  • Why should you listen to Jim Cramer?
    • He has provided financial commentary and advice for over 20 years and understands the stock market and investment strategies. He provides a more unique perspective than other financial commentators and experts. He has a vast network of contacts in the financial world and can provide his audience with exclusive information and interviews with industry experts.
    • He has much on-air experience, providing financial commentary on television for over 20 years, and has developed a reputation as a knowledgeable and experienced commentator. He has a large following of people who tune in to his television show, read his books, and follow him on social media, which gives him a broad reach and influence.
    • Jim Cramer has written several books on personal finance and investing, providing in-depth analysis and recommendations for achieving success in the stock market.
  • What is Jim Cramer most frequently criticized about?
    • People criticize Jim Cramer for being too bullish and not warning investors about potential market downturns. They saw his approach as too focused on entertainment rather than providing informative analysis. Some people believe that his approach to personal finance is too focused on stock market speculation and not on financial education and literacy.
    • Some people criticize Jim Cramer for his last time as a hedge fund manager and his past stock recommendations. They criticize him for not disclosing potential conflicts of interest, such as investments in companies he recommends on his show. They say he promotes a culture of stock market speculation rather than a long-term investment.

• Ramit Sethi: American personal finance advisor, entrepreneur, and author known for his book “I Will Teach You to Be Rich,” which focuses on budgeting and personal finance for millennials.
  • Why should you listen to Ramit Sethi?
    • He offers a comprehensive approach to personal finance, covering various topics, from budgeting and saving to investing and negotiating. He has a practical approach to personal finance; he emphasizes taking action and making minor changes to achieve financial goals rather than just focusing on theoretical concepts. He focuses on building wealth over time rather than just focusing on short-term gains.
    • He has a large following; many people read his books and take his courses, which gives him a broad reach and influence. Ramit Sethi has written several bestselling books on personal finance, providing in-depth analysis and recommendations for achieving success with money.
    • He is also well-known for his negotiating approach, an essential skill in personal finance. He promotes the idea of earning more and negotiating for a raise.
    • He emphasizes the importance of automation in personal finance and investing and encourages people to invest in themselves by continuing their education and developing skills.
  • What is Ramit Sethi most frequently criticized about?
    • Some people criticize Ramit Sethi for being too focused on earning more money rather than saving and budgeting. His approach may be too focused on the upper-middle class and less relevant for lower-income people. Some may criticize him for not providing enough guidance and support for people with lower incomes or fewer financial resources.
    • Some people believe his advice is too focused on the US market and may not be as relevant for other countries. And other people criticize his approach for being too focused on materialism rather than more meaningful goals.

• David Bach: American personal finance author known for his book “The Automatic Millionaire,” which focuses on budgeting and saving.
  • Why should you listen to David Bach?
    • He is well-known for his concept of “The Automatic Millionaire” and “The Latte Factor,” emphasizing the importance of small daily savings. He is a proponent of automating savings and investing, which can help people save without thinking about it.
    • He has been a frequent guest on several TV shows such as Oprah, the Today Show, and Good Morning America, and he is a New York Times best-selling author with multiple books on personal finance. He has a large following of people who read his books, attend his seminars, and follow him on social media, which gives him a broad reach and influence.
    • He focuses on building wealth over time: David Bach emphasizes the importance of building wealth over time rather than just focusing on short-term gains. He emphasizes the importance of investing early in life to maximize the power of compound interest over time.
    • He promotes living a balanced life, where people can enjoy the present while saving and investing for the future. He emphasizes the importance of having multiple income streams and building wealth through different investment vehicles.
  • What is David Bach most frequently criticized about?
    • Some people believe his focus on earning more and living below his means is unsuitable for low-income people.
    • Some people criticize David Bach for promoting unrealistic expectations of financial success and say that his advice is too simplistic and not comprehensive.

• Jean Chatzky: American personal finance journalist, author, and television host known for her advice on budgeting and saving money.
  • Why should you listen to Jean Chatzky?
    • She has written several books on personal finance, including the best-selling “Money Rules: The Simple Path to Lifelong Security.” She has a solid social media presence and interacts with her followers, providing financial advice and answering their questions. She is the financial editor of NBC’s “Today” show, regularly providing financial advice to a broad audience. She has been featured in multiple media outlets, such as CNN, The New York Times, and Forbes, providing her financial advice to a broad audience. She receives numerous awards and accolades for her work in the personal finance field, including being named one of the “Most Powerful Women in Business” by Fortune Magazine.
    • She strongly emphasizes entrepreneurship and small business ownership, providing resources and guidance for small business owners and entrepreneurs. She has a practical and relatable approach to personal finance that resonates well with many people. Jean Chatzky is committed to making personal finance accessible and understandable for all, regardless of their level of financial knowledge.
    • She strongly advocates financial inclusion and educates and empowers people from all backgrounds to take control of their finances. She strongly emphasizes women and their financial position and provides resources and guidance.
  • What is Jean Chatzky most frequently criticized about?
    • Overall, she is well-received by the public, and in the industry, many financial advisors consider her a reputable and credible source of financial advice.
    • Jean Chatzky’s advice is generally simple and easy to understand but not necessarily fundamental. She is known for breaking down complex financial concepts and making them easy to understand and apply. Her book, “Money Rules: The Simple Path to Lifelong Security,” is a perfect example; it is a comprehensive guide to personal finance that provides simple and actionable steps that readers can take to improve their financial situation.

• Chris Hogan: American personal finance expert, author, and radio host known for his budgeting and retirement planning advice.
  • Why should you listen to Chris Hogan?
    • He is a #1 national best-selling author of “Retire Inspired: It’s Not an Age, It’s a Financial Number” and “Everyday Millionaires: How Ordinary People Built Extraordinary Wealth—and How You Can Too.” He has a solid social media presence and interacts with his followers, providing financial advice and answering their questions. He regularly contributes to various media outlets, such as Forbes, Business Insider, and Fox Business, providing financial advice to a broad audience.
    • He is a Ramsey Personality, a team of financial experts who work with Dave Ramsey, regularly providing financial advice to a broad audience. Ramsey Personalities typically have a strong background in personal finance and are considered experts in their field. They often provide advice on budgeting, saving, investing, and paying off debt and are known for their practical and relatable approach to personal finance. They also often appear on Dave Ramsey’s show as guests to provide advice, answer listeners’ questions, and offer their perspectives on various financial topics.
    • He has a personal finance podcast, The Chris Hogan Show, where he provides financial advice, tips, and strategies to millions of listeners. Chris Hogan is a regular speaker on personal finance at conferences and events and is dedicated to helping people improve their financial literacy.
    • He strongly emphasizes entrepreneurship and small business ownership, providing resources and guidance for small business owners and entrepreneurs. He is committed to making personal finance accessible and understandable for all, regardless of their level of financial knowledge.
    • He receives numerous awards and accolades for his work in the personal finance field, including being named one of the “Most Powerful People in the Financial Advising Industry” by Investment News. He is a national spokesperson for the National Retirement Planning Coalition and a member of the Financial Planning Association.
  • What is Chris Hogan most frequently criticized about?
    • From my research, Chris Hogan is generally well-regarded by his peers in the financial industry, and many people consider him a reputable and credible source of financial advice. However, I think it would be harder to find information from him related to financial assistance to low-income individuals and families, advice on how to access food assistance programs that can help low-income families, and how to access legal aid services to help low-income individuals and families.

• Pete the Planner: American personal finance expert, author, and radio host known for his advice on budgeting and saving money.
  • Why should you listen to Pete the Planner?
    • Humor: Pete the Planner is known for using humor in his advice, which can make personal finance more approachable and relatable. Pete the Planner is known for providing a personal touch in his advice and making it relatable to his audience; he often shares his experiences and challenges with money.
    • He covers various topics, including budgeting, saving, investing, and debt management. He has written several books and columns on personal finance, which can help readers look at this process from different perspectives.
    • Pete the Planner hosts a popular radio show where he provides financial advice and answers listeners’ questions. He hosts a weekly podcast, which provides actionable tips and advice on personal finance, interviews with experts in the field, is involved in the community, and is often a guest speaker at events and conferences, where he provides advice and tips on personal finance. He often collaborates with other financial experts and advisors to provide diverse perspectives and advice on personal finance.
  • What is Pete the Planner most frequently criticized about?
    • I could not find frequent criticisms, but it may be because he is less popular than many of the personalities above.

Some honorable mentions:

• Farnoosh Torabi: Farnoosh Torabi is a personal finance expert, journalist, and author who has written several books on personal finance and has appeared on various television programs and podcasts as a financial expert. She offers valuable information and advice on personal finance topics, such as budgeting, saving, investing, and managing debt. One thing that sets Farnoosh apart is her ability to make complex financial concepts easy to understand and relatable for her audience. This is evident in her books, articles, podcasts, and speeches. Additionally, Farnoosh has a unique way of looking at personal finance; she emphasizes money management’s psychological and emotional aspects, which she believes are just as important as the technical details. She also encourages people to take control of their finances and empower themselves to make intelligent financial decisions.

• J.D. Roth: J.D. Roth is a personal finance expert and blogger who has written about personal finance for over a decade. He founded the popular personal finance website Get Rich Slowly, featured in several national media outlets, and has helped many people learn about personal finance. J.D. Roth offers valuable insights and advice on various personal finance topics, such as budgeting, saving, investing, and retirement planning. His writing is known to be easy to understand and relatable, and he has a unique and practical approach to personal finance that can be helpful for those looking to improve their financial situation. Additionally, he is a New York Times bestselling author, and his book “Your Money: The Missing Manual” is trendy among readers. One thing that sets J.D. Roth apart is his unique and practical approach to personal finance. He is known for his ability to simplify complex financial concepts and make them easy to understand and apply to everyday life. He emphasizes the importance of taking small steps and making incremental changes to improve one’s financial situation, which is empowering and achievable for most people. J.D. Roth often uses data and statistics in his writing to back up his points and provide an evidence-based approach to personal finance.

• Trent Hamm: American personal finance blogger and author known for his advice on budgeting and saving money. His focus on frugality is one of the things that make him stand apart. He encourages readers to live below their means and make intelligent financial decisions. He provides practical advice on how to save money and reduce expenses. Another thing that sets him apart is his emphasis on goal setting. He believes setting goals is essential for financial success and provides readers with the tools and resources to achieve them. Trent Hamm is also well known for his transparency and honesty regarding his finances and journey to financial independence. He shares his financial successes and failures with his readers, which helps to build trust and credibility with his audience.

• Vicki Robin: American personal finance author known for her book “Your Money or Your Life,” which focuses on budgeting and money management. Vicki Robin is the co-author of the book “Your Money or Your Life,” considered a classic in the personal finance world. What makes Vicki Robin stand apart from other financial advisors is her holistic approach to personal finance, which includes money management and its psychological and emotional aspects. She helps people understand the underlying values and beliefs that drive their financial decisions and how to align their money with their values and goals. Vicki Robin is also a strong proponent of simplicity and minimalism in money management. She encourages her clients to simplify their financial lives, which can help them reduce stress and achieve financial peace of mind.

• Eric Tyson: American personal finance author and financial advisor known for his advice on budgeting and saving money. Eric Tyson has over 25 years of experience as a financial advisor, an MBA, and a CFP certification; he has helped many people achieve their financial goals. His experience and knowledge can be precious for those seeking advice and guidance on personal finance. He uses simple language, real-world examples, and practical tips that readers can easily understand and apply. Eric Tyson has written several books on personal finance, including “Personal Finance For Dummies” and “Investing For Dummies,” which are essential for anyone looking to improve their financial situation.

• Andrew Hallam: American personal finance author known for his book “The Millionaire Teacher,” which focuses on budgeting and investing for financial independence. Andrew Hallam emphasizes simplicity and minimalism when it comes to money management. He encourages his people to simplify their financial lives, which can help them to reduce stress and achieve financial peace of mind. Andrew Hallam has experience as a teacher, which allows him to explain financial concepts in a straightforward and easy-to-understand way. He uses real-world examples and analogies to help readers understand complex financial concepts and make them more relatable. Andrew Hallam strongly advocates low-cost index investing and encourages his clients to invest in low-cost index funds to achieve their financial goals. He believes that index funds offer the best returns over the long term while keeping expenses low.

This list is not exhaustive, and there are many more experts and professionals in personal budgeting and financial planning. Not all experts or professionals will be a good fit for everyone, so it’s always a good idea to research and find an expert whose advice aligns with your financial goals.

Choosing the Right Type of Financial Expert

When managing your finances, it’s crucial to understand that not all financial advisors are created equal. Each type of financial expert brings unique skills, services, and expertise to the table. In this article, we mainly focus on Financial Planners, but it’s essential to be aware of the other types of financial experts available, as your specific needs might be better served by a different advisor category. Here’s a breakdown of the four main types:

• Financial Planners: they offer the broadest range of services among financial experts. They can specialize in investing or estate planning or provide general financial advice. Their services range from preparing financial plans to selling financial products like annuities, stocks, bonds, and insurance. While we primarily cover Financial Planners in this article, remember that their qualifications and fee structures can vary widely.
• Registered Representatives: Also known as stockbrokers or investment consultants, Registered Representatives are licensed to buy and sell investment products, including stocks, bonds, and mutual funds. The scope of products they can handle depends on their licensing (Series 6 or Series 7). They are typically paid on a commission-only basis and are ideal for those looking to invest in specific securities.
• Registered Investment Advisors (RIAs) offer personalized investment advice and portfolio management services. They can manage assets on behalf of their clients but require a securities license to buy or sell securities actively. RIAs are regulated by the SEC or state securities agencies and adhere to high ethical and professional standards. They suit individuals seeking tailored investment advice and are compensated through commissions, hourly fees, or flat rates.
• Money Managers: they provide similar services to RIAs but with the added authority to make investment decisions without client approval. They are ideal for individuals with substantial investment portfolios, as they focus on selecting and managing investments based on the client’s preferences. Money Managers are typically compensated based on a percentage of their assets and are subject to the same regulatory standards as RIAs.

While this article primarily discusses Financial Planners, if your needs align more closely with the services offered by Registered Representatives, RIAs, or Money Managers, it’s advisable to conduct specific research to find the right expert for your financial situation. Remember, choosing the right type of financial expert is a key step in achieving your financial goals and ensuring your investments are in good hands.

Can Budgeting Apps Replace Financial Planners?

The question of whether budgeting apps can replace financial planners is complex and depends on individual financial needs and preferences. In personal finance management, the rise of technology has introduced various tools, including budgeting apps like Truebill and investment platforms like Acorns, which are often reviewed for their efficiency and user-friendliness. This Truebill review typically highlights its ability to track expenses, manage subscriptions, and offer insights into spending patterns. Similarly, the Acorns app review often praises its ease of use in micro-investing, where small amounts are automatically invested into diversified portfolios. These tools, along with other roboinvestors, provide convenience and accessibility that traditional financial planning services may not offer. They particularly appeal to those who are just starting to manage their finances or have straightforward financial goals.

However, the experience provided by a human financial planner is more personalized and comprehensive. Financial planners bring a deep knowledge and understanding of complex financial situations that an app cannot replicate. They can offer tailored advice based on an individual’s unique financial situation, goals, and risk tolerance. This includes tax, estate, and retirement planning, often requiring a nuanced approach.

Moreover, financial planners can adapt their strategies to changing life circumstances and market conditions, something that roboinvestors and budgeting apps might not do as effectively. The emotional aspect of financial decision-making, such as navigating market volatility or making big life decisions, is better managed with a human advisor who can provide reassurance and guidance.

While budgeting apps like Truebill and roboinvestors like those found in the Acorns app can be excellent tools for certain aspects of financial management, they are not comprehensive replacements for financial planners. Each serves a different purpose and caters to different needs. A human financial planner remains indispensable for those requiring detailed, personalized advice and a holistic approach to their financial life. For more straightforward, more automated tasks, budgeting apps and roboinvestors can be highly effective.

In conclusion, choosing the right personal finance expert can be daunting. Still, by understanding the qualities you need to look for, researching the background and experience of each expert, and being aware of the services they offer, you can confidently make the right choice for your specific needs. Remember that it is essential to consider an expert’s credentials and qualifications, experience and track record, philosophy and approach, reviews and testimonials, specialization, and communication style. Each expert has a unique personal finance approach, and it is up to you to decide which one aligns with your values and goals.

The post Top 20 Personal Finance Experts Worth Listening To first appeared on My Blog.

If you ask most people why they don’t budget, you’ll probably get the same answer from just about everyone: because it’s too painful. And that makes perfect sense. After all, no one likes cutting back on expenses and tracking their income vs. expenses on a regular basis. But the real question is: Why does it hurt so much? Even though most of us agree that budgeting is painful, many of us fail to notice why exactly that is the case. You see, the reason why most people struggle with creating and maintaining a monthly budget is that they’re reluctant to give up something in their current spending habits. In other words, it’s like when we go on a diet or cut back on carbs, we feel uncomfortable as a result of needing to reduce our intake of certain foods. We may not like it at first, but once we get used to eating less of those salty chips or sugary sweets and focus more on apples and leafy greens instead — not only do we feel better about ourselves for making positive changes for the long-term but also find our new diet much easier to maintain going forward with our new healthy habits from that point onward!

If you ask people what their biggest financial fear is, the top answer will probably be something along the lines of “going broke.” People are scared of not having enough money to pay for things they need and want. Yet, at the same time, we all know that being smart with our money is essential to a happy and healthy life. We also understand that budgeting is a good idea and that it will help them in the long run. And, in spite of all of these, we still don’t do it because it’s painful. So, this pain has to be really big. In this article, we will explore the reasons why most people find budgeting so painful, what are the most common answers I got to the question “why is budgeting painful,” and we will try to look at them from a different perspective. So, budgeting is painful because:

1. It takes up time and makes me feel bad
2. It feels restrictive, I can’t do anything
3. It feels stressful to track finances when you are at the store
4. I’m not good at it

And now, let’s dive deeper and explore each from some interesting perspectives!

1) It takes up time and makes me feel bad

Budgeting can be a lengthy process because there are a lot of factors to consider. You have to think about your income, your expenses, your savings, and your debts. You also have to consider your short-term and long-term financial goals. Budgeting can take anywhere from a few minutes to a few hours, depending on how detailed and organized you want to be. All of this information can be overwhelming, which is why budgeting can take up a lot of time. There is clearly no way around this. Budgeting takes time. The only good news is that, as you get more experienced and better at it, the required time to do it will drop. At this point, when you feel that it takes too much time, you can’t easily imagine a future where you already have a lot of habits and automation in place to help you cut this time significantly. We can do a few exercises to see if you could get some different feelings related to time and budgeting, maybe they’ll work for you, who knows? Try to re-imagine yourself with some new skills up your sleeve. Imagine going to the store with everything you need to buy written down. Will you spend less time shopping? Will you spend less money on things that you actually don’t need? Would both of these make you feel better? Of course, so start small, with some basic lists, and then add more and more until you end up with a complete budget.

2) It feels restrictive, I can’t do anything

Yes, of course, budgeting feels restrictive in the beginning, especially if:

• you are used to spending freely
• your spending is often influenced by your emotions
• your spending is influenced by peer-pressure
• you have expensive habits like smoking or drinking alcohol
• live in a culture that encourages excessive spending

There’s no easy answer when it comes to breaking bad habits, but it is possible with some time and effort. If you find yourself spending more money than you’d like, it may be helpful to start by evaluating your spending habits and identifying areas where you can cut back. Track your spending for a week or two to get an idea of where your money goes, and then look for ways to reduce expenses in those areas.

For example, if you tend to spend a lot on eating out, you could try cooking more meals at home. Or, if you tend to spend a lot on clothes, you could try shopping at thrift stores or online consignment shops. Once you’ve identified some areas where you can cut back, set a budget and stick to it. It may also be helpful to find alternative activities to replace the ones that lead you to spend too much money. If you tend to spend a lot on weekends, try finding free or low-cost activities that you enjoy, like hiking or visiting a museum. And if you find yourself impulse buying, try waiting a day or two before making a purchase to see if you still want it.

Breaking bad habits takes time and effort, but it can be done. The best way to break a bad habit is to first identify the triggers that cause you to engage in the behavior. Once you know what causes you to do the behavior, you can work on avoiding those triggers or substituting the bad behavior for a more positive one. For example, if you bite your nails when you’re stressed, try to keep your hands busy with a fidget toy or stress ball. If you overeat when you’re bored, try to find a more constructive way to occupy your time. It’s also important to be patient and understanding with yourself. Habits can be difficult to break, and it may take some time and effort before you see results. Remember to celebrate your successes, no matter how small, and don’t beat yourself up if you slip up – just get back on track and keep trying.

Overall, budgeting feels restrictive as long as you have these 2 things:

• Bad habits you need to cut
• Not enough money to satisfy your basic necessities

But, as you become better and better at it, you will cut all those habits, and then you will start to free up money. And eventually, the wheels will start turning into something that looks and feels more like a gift: “oh, look at this $500 money I managed to save this month. I should allocate them towards this specific activity because I enjoy it the most!”

3) It feels stressful to track finances when you are at the store

There is no denying that tracking spending can be stressful, especially when shopping. However, there are a few ways to make the process less daunting. First, try to break down your spending into categories. This will help you better understand where your money is going and where you may need to cut back. Second, set a budget for each category and stick to it. This will help you stay on track and avoid overspending. Finally, be mindful of your purchases and keep receipts or bank statements so that you can review your spending at a later date. By taking these steps, you can make tracking your spending less stressful and more manageable.

Budgeting apps can help track spending in a variety of ways. For example, many budgeting apps allow users to track their spending by category so that they can see where they are spending the most money. This can be helpful in identifying areas where they may be able to cut back on spending. Additionally, budgeting apps often allow users to set spending limits for themselves and track their progress toward meeting those limits. This can help people to stay within their budget and avoid overspending.

4) It feels bad because I’m not good at it

Even though it feels bad, you have to take into account the fact that budgeting is a process, and it may take some time to get used to. Be patient with yourself and don’t be discouraged if you make a mistake here and there. With a little practice, you can develop the skills necessary to successfully manage your finances. If you’re already good with numbers and you’re willing to devote a few hours each week to learning budgeting, you could learn the basics in a few weeks. However, if you’re not particularly comfortable with numbers or you can’t devote a lot of time to learning budgeting, it could take a few months to learn the basics. There are a number of online courses on learning to budget. Here are some popular options:

• “Budgeting Basics” from eHow Finance
• “Introduction to Budgeting” from Udemy
• “Budgeting for Beginners” from Skillshare
• “Budgeting 101” from Pluralsight

Each of these courses covers different aspects of budgeting, so you can choose the one that best fits your needs. They all cover basic concepts such as setting up a budget, tracking spending, and creating a financial plan. Following one of these online courses will make the difference from saying “I’m not good at it” to at least “I’m comfortable doing it”.

What else can motivate people to try budgeting?

These are the most important pain points I came across when I did some research about what makes people give up the budgeting process, but besides these, I want to give you a few more extra reasons to nudge you to give it a try.

Does budgeting make you happier?

For some people, budgeting can be a real chore and it can make them very unhappy. For others, it can be a helpful tool that allows them to better manage their finances and feel more in control of their lives, which can lead to increased happiness. There are a lot of different ways to budget, so it’s important to find one that works for you. If you’re someone who hates being restricted by a budget, then a more flexible approach may be better. On the other hand, if you find that you’re often overspending and getting into debt, a stricter budget may help you get your finances under control and make you happier as a result. Ultimately, it’s up to you to decide whether budgeting makes you happier. If you’re not sure, it’s worth giving it a try and seeing how it goes.

The 2019 Planning and Progress Study by Northwestern Mutual found that having their finances in order makes 92% of Americans happier and more confident in life. While this does not mean that the budgeting process will make you happier, the end result of budgeting is to bring those finances in order. And having those in order will be a positive thing for most Americans.

Try some budgeting apps!

To get rid of some pain points of budgeting you can try some budgeting apps. Budgeting apps can definitely make your life easier by tracking your spending and income. They can help you stay on top of your finances and make sure you’re not overspending. Plus, many budgeting apps offer features like goal-setting and reminders, which can further help you stay on track. Some popular examples include Mint, You Need a Budget (YNAB), and EveryDollar. For example, the Mint app allows users to see all of their financial accounts in one place, track their spending, and create a budget. The YNAB app (You Need A Budget) helps users to create a budget based on their income and expenses, and track their progress over time. The EveryDollar app also allows users to track their income and expenses, and create a budget, but also includes Debt Reduction Planner and Baby Step Tracker features.

Final words:

Fortunately, there are ways to make the budgeting process less painful. The key is viewing budgeting as an experiment instead of a punishment. It’s about learning what works for you and what doesn’t rather than trying to meet some standard set by someone else. Once you adopt this mindset, budgeting becomes much easier to adopt and maintain over the long term.

The post Why is Budgeting Painful for Most People? first appeared on My Blog.

In the real world, individuals who can responsibly manage their money are few and far between. However, with the advent of smartphones and other mobile devices, it is now possible to access financial software anywhere at any time. This article lists the pros and cons of using budgeting apps so you can decide if such an app is the right thing for you.

Pros:

• You will better understand your finances and where your money is going. This can help you make more informed decisions about your spending. A budgeting app can be a great way to help you understand your spending patterns and where your money is going. By tracking your spending and income, you can get a better idea of where your money goes each month. This can help you make informed decisions about your spending and saving habits. Additionally, many budgeting apps offer features that can help you stay on track with your budget, such as alerts when you are close to overspending or goals to help you save money.
• It teaches you how to live within your means. It can give you greater clarity on what you can and cannot afford. While a budgeting app cannot magically teach you how to live within your means, it can be a helpful tool for making informed and responsible financial decisions. A budgeting app can help you track your spending and identify patterns over time. This can be helpful in a number of ways. For example, if you notice that you tend to spend more when you are stressed, you can take steps to manage your stress levels. Or, if you notice that you spend more when you are around certain people, you can take steps to avoid those people or situations. Knowing your spending patterns can help you make better choices about how to spend your money.
• It helps you track and prioritize your spending. A budgeting app typically tracks spending by categorizing transactions and then tracking the total amount spent in each category. They can do this by linking to a user’s bank account and tracking all of their transactions or by letting the user manually enter their spending each time they do it. After some statistics are gathered, users start to see where they spend their money, and they can adjust accordingly. Some budgeting apps also allow users to set spending limits for specific categories, which can help to curb overspending.
• It helps you stay organized. A budgeting app can help you stay organized by providing a clear and concise view of your income, expenses, and financial goals. While some personal finance apps can help you track your spending and set budgets, they can’t necessarily change your spending habits. You still have to do most of the work. However, they can make the job easier by giving you easy access to the information you need whenever you need it. In this context, considering reviews and experiences with specific apps can be immensely helpful. For example, a Truebill review might offer insights into how this app can aid in managing subscriptions and recurring bills, potentially leading to significant savings. Users’ experiences often highlight the app’s effectiveness and user-friendliness, making it a trustworthy tool in your financial toolkit. Additionally, when it comes to investing, an Acorns investing app review can shed light on its unique approach to micro-investing. By rounding up your transactions and investing the spare change, Acorns simplifies the investment process, making it accessible even for those new to investing. These reviews often underscore its ease of use and the ability to start investing with small amounts, making it a reliable option for beginner investors.
• They can help you pay off debt. Most personal finance apps will have some sort of debt payoff feature that can help you get a handle on your debt. By inputting your outstanding debt balances and interest rates, the app can create a personalized debt payoff plan for you. This can help you see exactly how much you need to pay each month to become debt-free and can also give you a timeline for when you can expect to be debt-free. Many personal finance apps also offer debt tracking features, which can help you stay on top of your debt payoff progress. These features can include things like balance updates, payment reminders, and more. Having all of this information in one place can make it easier for you to stay on track with your debt payoff goals.

Cons:

• It can be time-consuming to keep track of your budget, and you may need to make some sacrifices in order to stay within your budget. As a general rule of thumb, it usually takes a few weeks to get used to a budgeting app and to start seeing results from using it. During this time, it is important to be patient and to keep track of your spending so that you can see how the app is helping you to save money. For some people, it may take even longer if they are not used to tracking their spending or if they have a more complicated financial situation. But ultimately, it shouldn’t take more than a few days or weeks to get used to a budgeting app. But, most people don’t understand this before they try one, and usually fail because they do not have the right expectations.
• They can be difficult to use. Budgeting apps can be complex, with a lot of features and options. This can make it hard for most people to figure out how to use them effectively. Besides this, some budgeting apps require you to enter a lot of information, which can be time-consuming and frustrating. And on top of this, you may not be sure how to categorize your expenses, which can make it difficult to track where your money is going. You might need to invest some time and read some guides on this topic; for example here is a guide on how much you should allocate for food, housing, or transportation.
• It can be restrictive and cause stress. The restrictive mindset when spending money is one that is focused on saving as much money as possible and being very mindful of how every penny is spent. This approach can be beneficial in helping to reach financial goals, but it can also make it difficult to enjoy the things that money can buy. Those who adopt a restrictive mindset may feel stressed and anxious about spending, even when it is for something they really want or need. This can also affect your social circle and standing. For example, if someone is always talking about how they can’t afford things or how they’re trying to save money, it can make it hard for others to enjoy their company. Additionally, this can also make it difficult for someone to form lasting relationships.
• It may not work for everyone. Budgeting apps can work well for some people but not so well for others. It really depends on an individual’s financial situation, goals, and habits. For example, someone who is very disciplined with their spending and is able to stick to a budget may find that a budgeting app is helpful in keeping them on track. On the other hand, someone who struggles to control their spending may find that a budgeting app does not work well for them, as they may end up spending more than they had planned. Ultimately, it is up to each individual to decide whether or not a budgeting app will work for them. There are a variety of different budgeting apps available, so it may be worth trying out a few to see which one works best. However, before you try one, you should know that they may not work for everybody, which is ok. There are other ways in which you can get help if you are in this category.
• It can cause arguments if not everyone in the household agrees to stick to it. In general, budgeting apps can be a helpful tool for families who are looking to better manage their finances and save money. However, the effectiveness of budgeting apps depends on a variety of factors specific to each family’s unique circumstances. They may be more difficult to use simply because more people may be involved in managing the budget. This may lead to arguments and misunderstandings, especially if the people involved do not have the same understanding of the process. Some apps allow for multiple users, which can be helpful for families with multiple income sources. Others offer features like bill tracking and payment reminders, which can help families stay organized and on top of their finances. Whatever budgeting app you choose, make sure to take the time to set it up properly and involve the whole family in the process.

• Some people just like to stick to spreadsheets. There are a few reasons why people might prefer to use a spreadsheet over a personal budgeting app. First, spreadsheets are often more flexible and allow users to customize their budgets to suit their needs better. Second, spreadsheets can be used offline, whereas many personal budgeting apps require an internet connection. Finally, some people simply find spreadsheets to be easier to use than budgeting apps.

Are budgeting apps worth it?

As we journey through the varied landscape of budgeting apps, with their diverse functionalities and potential pitfalls, the pivotal question emerges: are these digital financial assistants truly worth their salt?

The answer, while not etched in stone, hinges on a delicate balance between the tangible benefits these apps offer and the inherent challenges they pose. On one hand, we have the undeniable allure of enhanced financial clarity. These apps don’t just track where each dollar goes; they paint a vivid picture of our financial habits, fostering a more informed and mindful approach to spending and saving. This awareness is pivotal in teaching the art of living within one’s means, a skill often overshadowed in a world rife with instant gratification.

Moreover, the organizational prowess of these apps cannot be understated. In a world where time is often a scarce commodity, the ability of budgeting apps to streamline financial management, provide alerts, and help in debt management is nothing short of a modern-day miracle. Yet, for all their digital wizardry, these apps are not without their foibles.

The initial time investment in setting them up, coupled with the complexity of their interfaces, can be daunting for many. There’s a certain irony in the fact that tools designed to simplify our financial lives can, at times, add layers of complexity and stress. This is particularly true for those who find solace in the familiarity of traditional methods like spreadsheets or those who view the restrictive nature of budgeting through an app as more of a financial straitjacket than a guiding hand.

Additionally, the one-size-fits-all approach of many apps may not gel with the unique financial tapestry of every individual or family. The spectrum of financial situations is broad and varied, and what serves as a boon for one may be a bane for another. Family dynamics, too, play a crucial role here – the collaborative nature of budgeting can quickly turn into a battleground if not everyone is on the same financial page.

In conclusion:

The worth of budgeting apps is not a universal truth but a personal verdict. For some, these apps are the compass in the labyrinth of personal finance, guiding them towards a brighter and more secure financial future. For others, they are but a modern inconvenience, a digital cacophony that disturbs the harmony of their financial symphony. Ultimately, it is not the app but the user’s relationship with their finances, their adaptability to digital solutions, and their personal financial landscape that determines whether these apps are a treasure trove or a Pandora’s box.

Final words:

If you are considering using a budgeting app after reading the pros and cons listed above, you should know that it’s important to do some research to find one that will work best for you. There are a lot of different budgeting apps out there, and not all of them are created equal. Some budgeting apps are better than others, and some are outright terrible. Consider your financial goals and spending habits, and read reviews from other users to get an idea of what to expect. Additionally, be sure to set up your budget in a realistic and achievable way so that you’re more likely to stick to it. Do your research and find an app that will work for you; there are plenty of hands-on reviews out there!

The post Pros and Cons of Budgeting Apps – Reasons To Use or Avoid Them! first appeared on My Blog.